Introduction

This study aims to provide an answer to the question of how to collect receivables from a company that has declared concordat. The concordat process is a legal mechanism designed to enable the debtor to pay their debts by improving their financial situation. However, this process also entails certain rights and obligations for creditors that must be carefully followed. Our study will present the different stages of the receivable collection process, the methods creditors can apply, and important points they should pay attention to, supported by excerpts from court decisions.

a) Steps regarding the collection of receivables from a company that has declared concordat

Notification and Registration of Receivables: Creditors must generally notify their receivables to the concordat commissioner within 15 days after the declaration of concordat.  The notification of receivables must be made to the concordat commissioner. The receivable is recorded on the list by the commissioner, and it is checked whether it is disputed.

Concordat Project and Payment Plan: The concordat project submitted by the company, negotiated and voted on by creditors, becomes binding if approved by the court. Creditors collect their receivables according to the payment plan specified in the approved project. Collection is made under the conditions determined within the scope of the approved concordat project.

b)Filing a Lawsuit for Objected (Disputed) Receivables (EPL Art. 308/b):

Creditors whose receivables have been partially or wholly rejected by the commissioner or who have been objected to may generally file a lawsuit within one month from the announcement of the concordat approval decision. Article 308/b of the EPL stipulates that creditors whose receivables have been objected to may file a lawsuit within 1 month from the date of the announcement of the approval decision.

This lawsuit aims to determine the receivable and include it in the concordat project. The one-month period stipulated in the law is not a forfeiture period for filing a lawsuit regarding a disputed receivable, but it is a forfeiture period for the creditor to claim payment from the share deposited into their bank account.

c)Annulment of Concordat in Case of Non-Compliance with the Concordat Project (EPL Art. 308/e):

If the debtor company fails to comply with the payment plan in the approved concordat project, the creditor may apply to the court that approved the concordat and request the annulment of the concordat with respect to themselves. Each creditor who has not been performed against under the concordat project, while retaining the new rights acquired under the concordat, may apply to the court that approved the concordat and have the concordat annulled with respect to themselves.

c)Interest Status:

As a general rule, interest accrual on unsecured claims ceases from the date of the provisional moratorium. According to Article 288/1 of the EBL, since the provisional moratorium produces the effects of the definitive moratorium, no interest will accrue on any unsecured claim from the moment a provisional moratorium decision is granted to the debtor.

d)Effects of the Moratorium (EBL Art. 294):

During the concordat moratorium (provisional and definitive), no new enforcement proceedings can be initiated against the debtor, and ongoing proceedings are suspended. In accordance with Article 289 of the EBL, no enforcement proceedings can be initiated against the client company, including those carried out under Law No. 6183, and any previously initiated proceedings are suspended.

e)Rejection of the Concordat or Bankruptcy Status:

If the concordat request is rejected, or if the company goes bankrupt during the concordat process, the debt collection process continues according to bankruptcy provisions. In the event of the company’s bankruptcy, “the plaintiffs have no legal interest in filing a lawsuit for the annulment of the concordat due to the concordat provisions having ceased to exist due to bankruptcy, meaning the annulment lawsuit becomes moot.  

Conclusion

Collecting receivables from a company that has declared concordat requires a proactive approach and close monitoring of the legal process by creditors. The basic steps of the process include options such as; timely notification of the receivable, examination of the concordat project, collection according to the payment plan in the project, filing a lawsuit within the legal period if the receivable is objected to, and the termination of the concordat if the debtor fails to comply with the project. A journal article suggestion.

Why is Expert Lawyer Support Necessary?

The concordat process is a complex and technical judicial process that directly affects not only the debtor but also the creditors. If the receivable is not notified on time, objection periods are missed, or the payment plan is incorrectly evaluated, your receivable may be completely lost. Therefore, careful action is essential at every stage of the process.

Especially in large cities like Istanbul, due to the increasing number of companies declaring concordat, it has become quite difficult for creditors to individually follow the legal process. Many businesses operating in districts with high industrial and commercial activity, such as Tuzla, Pendik, Kartal, and Maltepe, applying for concordat increases legal risks for creditors in the region.