1) What Concordat Is (and Why Foreign Creditors Should Care) Concordat is designed to prevent a viable business from collapsing into bankruptcy by giving it temporary court protection to negotiate a restructuring with creditors.From a foreign creditor’s perspective, concordat changes the playing field quickly: 2) The Timeline: Temporary Moratorium vs Definitive Moratorium A typical concordat […]
A concordat in Turkey (konkordato) is a court-supervised restructuring procedure that allows a debtor who cannot pay debts as they fall due (or is at risk of default) to propose a repayment/restructuring plan to creditors and continue operating under legal protection—rather than going straight into bankruptcy. The concordat regime is regulated in the Turkish Enforcement […]
When a company in Turkey is under heavy debt pressure but still has a viable core business, bankruptcy is not always the best (or only) outcome. Concordat in Turkey (konkordato) is a court-supervised restructuring mechanism designed to give the debtor time and legal protection to negotiate a payment plan with creditors. For many businesses, concordat […]