410 NEWSLETTER 2021 After the Approval of the Concordat Suppose that the debtor’s request for a concordat proceeded in accordance with the steps stipulated under the law, the concordat project has been prepared, the success of the concordat has been considered possible, the temporary and definitive terms have been exhausted, the concordat project has been approved, accepted as convenient, and approved before the court. Then, what options do we have if the debtor breaches the provisions of the concordat? Firstly, the concordat becomes binding following the approval decision. In an ordinary concordat, the execution of the payment is still in the hands of the debtor despite numerous conditions and provisions regarding supervision or control that are binding upon the debtor. The first option if the debtor does not make the payments in accordance with the concordat plan is to file an action for annulment as established under Article 308/e of the EBL. In this respect, any creditor who does not receive a payment stipulated under the concordat project may file a lawsuit for termination of the concordat before the court that approved the concordat, and claim his/her new rights arising from the concordat. The decision with respect to the termination request to be granted by the court would be subject to appeal. The creditor may file this lawsuit, whenthe debtor fails to make just one installment payment. In the event that the concordat is terminated at the end of this lawsuit, all receivables (provided that the debtor accepts) that are subject to the concordat may be collected from the debtor as if the concordat has never been concluded. It should be noted that this receivable may be pursued and may only be subjected to execution proceedings based on a verdict. As the precedents suggest, the receivables that are accepted by the debtor have the same status as the receivables that are based on a verdict. This opinion is based on the registry of the debtor’s unconditional acknowledgment of debt by the court upon the concordat approval.1 If the court decides on termination at the request of termination of the concordat, the vested rights of the creditor will be protected. 1 Altay, Sümer/ Eskiocak, Ali: Konkordato ve Yeniden Yapılandırma Hukuku, 5th ed., 2019, p. 401 et seq.
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