GlossaryİİK Art. 287, 289, 290 (Enforcement and Bankruptcy Law)
Concordat Commissioner in Türkiye: Role and Powers
From the moment of the concordat application, the debtor’s affairs are followed on behalf of the court by a concordat commissioner.
When is the commissioner appointed?
- Temporary moratorium: The court appoints a temporary commissioner together with the temporary moratorium decision.
- Definitive moratorium: The court appoints one commissioner or, if needed, up to three in the definitive moratorium decision.
Main duties
- Supervise the debtor’s activities
- Announce the proceedings to creditors and record their claims
- Organise the creditors’ meeting and run the vote
- Submit interim and final reports to the court
- Assess the likelihood that the project will succeed
What it means for the debtor
Open and regular communication with the commissioner is critical for the process to run smoothly. The commissioner’s reports play a decisive role in the court’s moratorium and confirmation decisions.
Frequently asked questions
Who pays the commissioner?
The commissioner's fees and expenses are borne by the debtor. The court collects an expense advance at the time of the application.
Can the debtor act without the commissioner's approval?
The debtor may continue its ordinary activities. The court may, however, make certain transactions subject to the commissioner's approval. Significant transactions such as pledges, guarantees and real estate transfers also require court permission.
This article is for general information only and is not legal advice. Every case must be assessed on its own facts. It reflects Turkish law as of the publication date.