In recent years, there has been a significant increase in the number of companies declaring concordatum in Türkiye. This increase, especially in the first half of 2024, is being closely monitored by many sector representatives and economists. The concordat process emerges as a legal solution that allows companies experiencing financial difficulties to restructure their debts and avoid bankruptcy.

Concordatum is the process of restructuring the debts of a debtor company in accordance with an agreement made with its creditors and binding them to a specific payment plan. This process allows the company to improve its financial situation and continue its activities, while also helping creditors collect their receivables with minimal damage.

Concordatum offers companies a last chance before bankruptcy and stands out as a frequently preferred solution in the business world.

Concordatum Processes Companies that want to apply for a concordatum must first analyze their financial situation and debt structure in detail and prepare a payment plan. This plan must be accepted by the majority of creditors. Then, the concordatum process is officially initiated by applying to the court. The court ensures that the process is carried out transparently and fairly by appointing a concordatum commissioner.

There are three stages in the composition process:

1. Temporary Respite: After the application for composition is accepted, the court grants the company a temporary respite. During this period, the company is exempt from paying its debts and the enforcement proceedings of the creditors are suspended.

2. Definitive Respite: During the temporary respite process, the composition commissioner examines the financial situation and payment plan of the company and prepares a report. The court may decide on a definitive respite for the company based on this report.

3. Confirmation of the Concordatum: If the majority of the creditors accept the payment plan after the definitive respite, the court confirms the composition and the process is completed.

Concordatum offers companies the opportunity to continue their business while avoiding bankruptcy. During this process, companies maintain their ability to pay their debts and at the same time have the chance to agree on a more sustainable payment plan with their creditors. Concordatum also helps companies protect their reputation and maintain their position in the market.

Finally, the complication of the concordatum application process in recent years aims to prevent the abuse of this solution. However, increasing composition applications indicate that economic difficulties continue and once again demonstrate the importance of receiving legal support in this area.

The significant increase in the number of companies declaring concordatum in Türkiye shows that many companies prefer this legal solution to cope with financial difficulties. So, what is concordatum and how do we provide support as concordatum lawyers in this process? The increase in concordatum applications in Türkiye shows that the number of companies experiencing financial difficulties is increasing and that these companies are applying for concordatum in order to avoid bankruptcy. concordatum offers companies the chance to restructure their debts and continue their business, while increasing the possibility of creditors collecting their receivables. Our law firm provides companies with professional and comprehensive legal support during this process, helping them manage the concordatum process in the most efficient way.

What are the Services Provided as a Concordatum Lawyer?

The concordatum process is an area that requires expertise. As a concordatum lawyer, we offer comprehensive legal consultancy and representation services so that your company can be successful in the concordatum process. We are with you in all steps, from applications to court to meetings with creditors.

The concordatum process is not only valid for companies, but also for individuals. Declaring a personal concordatum allows individuals, especially those with commercial activities, namely real person merchants, to restructure their debts and improve their financial situation. Personal concordatum helps individuals find the opportunity to pay their debts while protecting their personal assets. As a composition lawyer, we are also with you during the personal concordatum process.

Natural Person Company Partners Also Declaring Concordatum

Natural person company partners can also declare concordatum. This is an important legal solution, especially for partners who are personally liable for the company's debts. Declaring concordatum by natural person company partners protects their personal assets and initiates the process of debt restructuring. As a concordatum lawyer, we provide the necessary legal support during this process and help you manage your personal and company debts in the best way possible.

The increase in the number of companies applying for concordatum in Türkiye in 2024 once again reveals how important this legal solution is. Due to the impact of economic fluctuations and tight monetary policies, concordatum applications continue to increase. If your company is experiencing financial difficulties and is considering declaring concordatum, we recommend that you work with a concordatum lawyer to manage this process professionally. We also help you take the right steps in the concordatum process with the legal services we provide professionally. We support you with our experience and expertise in your search for concordatum declarations and concordatum lawyers in Türkiye. In addition, our office team includes many colleagues who are currently performing concordatum commissioner services and are also concordatum lawyers.

In the face of economic difficulties, declaring concordatum is the most effective way for many companies to avoid bankruptcy and continue their business. The concordatum process provides a legal framework for restructuring debts and creating a sustainable payment plan. Our law firm provides professional support during this process, helping companies improve their financial situation and manage their debts more efficiently. Our expert lawyers will guide you through every stage of the process in concordatum applications. With our experience as concordatum lawyers, we support you in taking all the necessary legal steps to get your company out of financial troubles.