Alanya Concordat Lawyer

When a company in Alanya, Turkey, announces "concordat" (often misunderstood as bankruptcy), it signals the commencement of a complex debt restructuring process governed by Turkish law. For international creditors, understanding and navigating this process is crucial to safeguarding their financial interests and maximizing the potential for debt recovery.

At Enes Law Office, our team of experienced concordat lawyers in Alanya provides comprehensive legal support to foreign creditors facing this challenging situation. Fluent in English and deeply knowledgeable in Turkish Enforcement and Bankruptcy Law (İcra ve İflas Kanunu), we act as your trusted advocates, ensuring your rights are protected and your claims are pursued effectively.

Understanding the Concordat Process in Turkey: A Guide for Foreign Creditors

Concordat (konkordato) is a legal mechanism designed to allow financially distressed but viable companies to negotiate a debt restructuring agreement with their creditors under the supervision of the Commercial Court. Unlike outright bankruptcy (iflas), the primary aim of concordat is to rehabilitate the debtor company, enabling it to continue operating while providing a framework for debt repayment.

The concordat process typically unfolds in the following key stages:

1. Application for Concordat (Konkordato Başvurusu): The debtor company submits an application to the Commercial Court, accompanied by detailed financial statements, a preliminary concordat plan outlining proposed debt restructuring, and supporting documentation.
2. Temporary Moratorium (Geçici Mühlet): Upon initial assessment, the court may grant a temporary moratorium, usually for three months, with the possibility of a further two-month extension. During this period, the debtor is protected from enforcement proceedings, and a temporary trustee (geçici konkordato komiseri) is appointed by the court to oversee the process and assess the feasibility of the concordat plan.
3. Appointment of the Trustee (Konkordato Komiserinin Atanması): The court appoints one or more trustees who are responsible for monitoring the debtor's activities, evaluating the concordat proposal, mediating between the debtor and creditors, and ultimately preparing a report for the court.
4. Creditors' Meeting (Alacaklılar Toplantısı): The trustee convenes meetings of the creditors to inform them about the debtor's financial situation and the proposed concordat plan. Creditors have the opportunity to scrutinize the plan and ask questions.
5. Voting on the Concordat Plan (Konkordato Planının Oylanması): For the concordat plan to be accepted, it must be approved by a qualified majority of the creditors. The specific voting requirements depend on the type and security of the creditors' claims.
6. Final Moratorium (Kesin Mühlet): If the court deems the concordat plan potentially viable and the creditors approve it by the required majority, the court grants a final moratorium, typically for one year, with a possible six-month extension. During this period, the debtor operates under the terms of the approved concordat plan.
7. Court Confirmation (Mahkeme Tarafından Tasdik): The concordat plan approved by the creditors is submitted to the Commercial Court for final confirmation. If the court finds the plan to be fair, feasible, and compliant with the law, it will issue a confirmation decision, making the plan legally binding on all creditors, including those who voted against it.
8. Failure of the Concordat (Konkordatonun Reddi): If the concordat plan is not approved by the creditors or is not confirmed by the court, or if the debtor fails to adhere to the terms of the confirmed plan, the concordat process may be terminated, potentially leading to the debtor's bankruptcy.

Protecting Your Interests: Key Actions for Foreign Creditors in Concordat Proceedings

As a foreign creditor, it is vital to take proactive steps to protect your rights and maximize your chances of debt recovery during a concordat process in Alanya:

• Engage Legal Counsel Immediately: The moment you become aware that a debtor in Alanya has filed for concordat, seek legal advice from an experienced English-speaking concordat lawyer in Alanya. We can guide you through the intricacies of the process, ensure you meet critical deadlines, and represent your interests effectively.
• Register Your Claim Properly and Timely: You will be officially notified by the court or the trustee to register your claim. It is crucial to provide all necessary documentation, accurately calculate the amount owed, and submit your registration within the stipulated timeframe. Failure to do so may result in your claim being disregarded. Our team can assist you in preparing and submitting a comprehensive claim.
• Monitor the Trustee's Activities and Reports: The trustee plays a crucial role in assessing the debtor's financial situation and the viability of the concordat plan. Stay informed about the trustee's findings and raise any concerns or objections you may have through your legal counsel.
• Attend and Participate in Creditors' Meetings: Your participation in creditors' meetings allows you to gather information, ask pertinent questions, and voice your concerns regarding the proposed concordat plan.
• Scrutinize the Concordat Plan Carefully: The proposed repayment plan will outline the terms and schedule for the repayment of debts. Analyze the plan thoroughly, considering factors such as the proposed haircuts (reductions in debt), the repayment timeline, and any security offered.
• Exercise Your Voting Rights: Your vote on the concordat plan is a significant opportunity to influence the outcome. We will advise you on the implications of the plan and help you make an informed decision on how to vote to best protect your interests.
• Consider Collective Action with Other Creditors: In some cases, it may be beneficial for foreign creditors with similar interests to collaborate and present a united front in negotiations with the debtor and the trustee.
• Explore Options for Challenging the Concordat Plan: If you have valid reasons to believe that the concordat plan is unfair, not feasible, or violates legal principles, you have the right to object to its confirmation by the court. We can assess the grounds for an objection and represent you in court proceedings.
• Stay Informed About Deadlines: The concordat process involves numerous deadlines, and missing them can have severe consequences for your ability to recover your debt. We will ensure you are aware of and comply with all relevant timelines.

How Our Alanya Concordat Lawyers Can Assist Foreign Creditors

Our dedicated team provides a full spectrum of legal services to foreign creditors navigating concordat proceedings in Alanya:

• Initial Consultation and Case Evaluation: We offer a comprehensive assessment of your situation, explaining the relevant legal procedures and outlining potential strategies for debt recovery.
• Claim Preparation and Registration: We assist you in gathering the necessary documentation, accurately calculating your claim, preparing sworn translations, and ensuring timely and proper registration with the trustee.
• Representation in Creditors' Meetings: We attend creditors' meetings on your behalf, advocating for your interests and keeping you informed of all key developments.
• Analysis of the Concordat Plan: We meticulously review the proposed repayment plan, evaluating its feasibility and fairness to you as a creditor.
• Negotiation with the Debtor and Trustee: We engage in negotiations with the debtor company and the trustee to seek favorable terms for the repayment of your debt.
• Objection to the Concordat Plan: If the proposed plan is detrimental to your interests, we can prepare and file formal objections with the Commercial Court.
• Legal Representation in Court Proceedings: We represent you in all court hearings related to the concordat process, including those concerning the confirmation of the plan or objections raised.
• Liaison with the Trustee and Turkish Authorities: We handle all communication with the court-appointed trustee and other relevant Turkish authorities on your behalf.
• Post-Confirmation Monitoring: Even after the concordat plan is confirmed, we can monitor the debtor's compliance with the repayment terms and take appropriate action if necessary.
• Guidance on Alternative Debt Recovery Options: If the concordat fails, we can advise you on alternative legal strategies for pursuing debt recovery, such as bankruptcy proceedings.

To understand your rights and options further, we encourage you to review our information on Alanya Debt Collection Lawyer, which outlines the initial steps for recovering debts before a company enters concordat. Additionally, our main Alanya Lawyer page provides a comprehensive overview of our legal expertise.

Contact Our Expert Alanya Concordat Lawyers Today

If you are a foreign creditor facing the complexities of a concordat proceeding in Alanya, don't delay in seeking expert legal assistance. Our experienced English-speaking insolvency lawyers in Alanya are here to protect your interests and guide you through every step of the process.

Contact us today for a confidential consultation to discuss your situation and learn how we can help you maximize your chances of debt recovery.