Introduction
A significant part of the recent legislative amendments to
improve the investment environment are made to Enforcement and
Bankruptcy Law ("EBL") numbered 2004. The amendments made
within the scope of Law numbered 7101 on the Amendments in
Enforcement and Bankruptcy Law and Certain Laws1 ("Law numbered
7101") and the Law numbered 7078 on the Ratification of the
Statutory Decree on Certain Regulations within the Scope of State
of Emergency with Alterations2 ("Law numbered 7078")
shall be addressed.
Regulations Regarding Suspension of Bankruptcy and
Concordat
A concordat aims to protect both the debtors in poor financial
standing, as well as their creditors. In the event that a debtor
and a creditor agree on a concordat, the debtor clears his/her
debts by paying the debt in line with the agreement stipulated
under the concordat. Therefore, a concordat may be defined as a
reconstruction agreement between the debtor and his/her creditors3.
