ADİ KONKORDATODA ALACAKLILAR KURULU

Abstract

The creditors committee is a control-advisory body appointed to inspect or advise to the concordat commissioners, which are discretionary in principle but compulsory in some cases, composed upon or within a precise term set forth by the court after the debtor’s request of concordat. In accordance with the Code Amending Enforcement and Bankruptcy Code and Certain Codes published in the Official Gazette dated 05.03.2018, the board of directors has been established as the institution in articles 289, 290, 291, 292 of the Code for the first time. By means of these provisions, the position and the power of the creditors have been further strengthened. The reason behind this is that concordat project can produce more efficient and faster results if the creditors can be consistently involved in restructuring procedures such as concordat. The committee plays a central role in revising the concordat project or in approving the project. In particular, the past experiences have been demonstrated that the decision to shape the future of the debtor should be made in the precise term phase. This decision should be directed towards the liquidation of the property of the debtor or the liquidation of its debt or the devolution of the entity entirely. Thus, the property of the debtor should be assessed in the best possible way despite all economic pressures and the time constraints. If the debtor’s entity can be recovered as a result of the concordat project, the creditors will be able to obtain their credits fully and completely. Otherwise, it may be possible to sell up to half of the asset value due to the public procurement rules, especially in the case of bankruptcy, since the sale of assets through the public procurement will be put into effect. By the creditors committee, it has been made possible to facilitate the flow of information and communication between the creditors and the court, the debtor and the concordat commissioners.

Keywords

• concordat
• creditors’ committee
• meeting of creditors
• composition agreement with assignment of assets