NEWSLETTER-2019-metin

250 NEWSLETTER 2019 Regulations Regarding the Board of Creditors Under the Regulation on Concordat Commissar, formation of the board of directors, situations where the formation of a board of direc- tors is mandatory, duties of the board of directors, and work procedures and principles of the board of directors, are regulated. Regulations Made Within the Scope of the Regulation on Documents Under the Regulation on Documents, procedures and principles regarding the documents that shall be annexed to the request of con- cordat are regulated. Preliminary concordat project, documents demonstrating the fi- nancial status of the debtor, list of creditors and receivables, compari- son table, and the audit report that gives reasonable assurance, shall be annexed to the concordat request. The mandatory contents of the preliminary project and documents to be submitted in the event the debtor is amongst the persons who are obliged to keep a commercial journal are specified under the Regulation on Documents. Under the Regulation on Documents, stipulations of the audit report that gives reasonable assurance are regulated in detail. In the event the independent auditing institution reaches a positive conclusion regard- ing the realization of the concordat offer in the preliminary concordat project, it shall prepare an audit report that gives reasonable assurance. The audit report that gives a reasonable assurance is the document that is prepared by evaluating the evidence within the scope of Turkish Auditing Standards in accordance with the regulations of the Public Oversight, Accounting and Auditing Standards Authority. The signing auditing institution shall be liable for the contents of the report. The opinion of the auditor in accordance with the reasonable assurance level and other significant aspects are submitted to the court with this report. Conclusion Duties of the concordat commissar and documents that shall be annexed to the concordat application have been regulated in detailed with the regulations that entered into force on 30.01.2019. These regulations are to contribute to the effectiveness and objectivity of the concordat process.