Mahmut Barlas / News
Under any debt relationship, it is obvious that the creditor has the upside as to pushing its demands and claims. However, due to the nature of concordat being a collective debt liquidation agreement in order to provide flexibility to the debtor, any claims of the creditors, whom already could not collect their receivables on time, will affect the flexibility goal of the concordat. In order to prevent actions that may affect the success of concordat, there is mandatory court supervision during the entirety of the process. In order for that purpose the court appoints a third party named as the “concordat commissioner”.
Concordat commissioners are segregated into two different titles based on the timing of appointment of which one of them is (A) “interim concordat commissioner” and the other one is (B) “definitive concordat commissioner”.
Interim Concordat Commissioner
According to Article 287/3 of the EBL, the court is required to appoint an interim concordat commissioner or a group of commissioners (no more than three), who are legally designated with the following tasks immediately upon the concordat submission:
Definitive Concordat Commissioner
According to Article 290 of the EBL, the court is required to appoint an definitive concordat commissioner or a group of commissioners (no more than three), who are legally designated with the following tasks immediately upon the start of the definitive respite phase:
As can be noted from the duties, the concordat commissioner is playing major role throughout the process, which can last up to 29 months. The qualifications of the concordat commissioner are expected to be legislated under a regulation in the upcoming months.
DURUKAN LAW FIRM
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