412 NEWSLETTER 2021 is terminated by the court. If the creditor has not previously initiated execution proceedings, he may initiate enforcement proceedings for the full amount at that stage. In the concordat, the creditor whose entire receivable is accepted by the debtor may initiate enforcement proceedings. Finally, pursuant to Article 308/f of the Execution and Bankruptcy Law, if the concordat is distorted with bad faith, the creditor may request termination of the concordat, in its entirety, from the court that made the decision. Conclusion The concordat is an important and powerful agreement that binds the parties who were not a party to that agreement or creditors who rejected that agreement. With a concordat, the debtor clears his debts by paying those debts in accordance with the agreement stipulated under the concordat. The debtor should comply with the amount of payment, as well as the schedule. The debtor still bears the duty to comply with the payment provisions. Therefore, the creditor who does not receive payment in accordance with the concordat project may apply to the court that confirmed the concordat, and request termination of concordat for himself. In such case, the creditor may request the entire receivable via execution proceeding if the receivable was accepted by the debtor. Another method is the initiation of execution proceeding against the debtor for the unpaid part without requesting termination by the creditor to whom the conditions of concordat have not been met. As well, each creditor may demand termination of the concordat, in its entirety, if the concordat is distorted with bad faith, from the court that granted the concordat decision.
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