Author: Abdullah Bozdaş
Introduction
In general terms, concordat is a method of releasing the remaining debt regulated within the framework of the law of enforcement.[1] The concordat procedure, which is formed by the acceptance of all debts of the debtor, who cannot pay their debts even though they are due, within a certain period of time, by the creditors with a qualified majority indicated in the law and the approval of the competent court, aims to provide a solution to the debtor’s getting rid of the debt without resorting to harsh enforcement methods such as foreclosure and bankruptcy.
In accordance with the Enforcement and Bankruptcy Law No. 2004 (“EBL”), in the concordat procedure; it is envisaged that many different actors such as creditor, debtor, authorized court, and concordat commissioner will act in accordance with the conditions, deadlines and objection procedures detailed in the EBL. As a result of these detailed regulations, various discussions have arisen about who has right to appeal against the concordat project.
In this article, the current Assembly of Civil Chambers of the Court of Cassation decision on whether the creditor has to declare the reasons for objection before the approval hearing in order to obtain right to appeal against the decision rendered about the concordat and whether the creditor who casts negative votes against the concordat proposal has the right to appeal will be examined.
Application to Appeal Against the Decision Regarding the Concordat
Article 304 of EBL regulates the examination of the concordat, which is one of the most important stages of the concordat procedure, by the court. After the reasoned report of the concordat commissioner is submitted to the court, the trial begins and the court decides on the concordat within the definite deadline. As a matter of fact, the date of the attestation hearing is also announced during this trial. In addition, it is stated in this announcement that those who object can be present at the attestation hearing provided that they notify the reasons for their objection in writing at least three days before the hearing date.
