Turkey Announces New Rules On Concordat Procedures

The Regulation on Commissioner for Concordat and Creditors' Committee and The Regulation on Documents to be added to the Concordat Request were published in Official Gazette numbered 30671 dated 30 January 2019.

The rules mainly regulate the following issues:

Reasons for Avoidance and Leaving the Commissioner Duty

The request for avoidance of the assignment should be made within five days from the date on which the assignment is learned, with a petition to be submitted to the commissioning court. The reason for avoidance and the documents, if any, must be added to the petition. In case the court finds the request inappropriate after examining the file, the commissioner is obliged to accept the duty. If, despite this decision, the commissioner continues to avoid the duty, the court will appoint another commissioner.