Concordat Consultancy
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Concordat Consultancy
- EURASIACCOUNTING
- Financial Restructuring
- Istanbul / Turkiye
Concordat is an important financial restructuring mechanism under Turkish law for companies whose financial structure has deteriorated but still have the potential to continue their operations. Within the scope of the amendments made to the Enforcement and Bankruptcy Law with Law No. 7101, debtors who are unable to pay their debts on time or who are at risk of insolvency are granted the right to request concordat. The concordat process aims to protect companies from bankruptcy by restructuring debts through installment payments, debt reductions, or the creation of payment plans. In this process, accurate financial analysis, legal compliance, and strategic planning are of critical importance.
Scope of Services
A concordat application may be initiated upon the request of the debtor or upon a justified application by creditors. In the initial stage of the process, a concordat preliminary project is prepared to clearly demonstrate the company’s financial position and payment capacity. This project details the payment ratios and maturities of debts, the extent of concessions to be made by creditors, and how the company will continue its operations. During the temporary moratorium granted by the court, enforcement and seizure proceedings are suspended, allowing the company time to regain financial stability.
Solution-Oriented Approach
The success of the concordat preliminary project depends on realistic financial assumptions and an applicable resource planning structure. For medium and large-scale enterprises, the project must be analyzed by independent audit firms, and a financial analysis report must be prepared as required by law. This report demonstrates the feasibility of the concordat proposal and supports the court’s decision-making process. Throughout the process, a concordat commissioner is appointed to closely monitor the company’s financial status and obligations.
- Preparation of the concordat preliminary project
- Financial analysis and independent audit coordination
- Monitoring of legal and financial processes
- Creditor negotiations and reconciliation support
- Court process management and commissioner reporting
When managed correctly, the concordat process offers a significant opportunity for companies to sustain their operations and strengthen their financial structure. Our experienced team provides professional consultancy services at every stage, from the concordat application to the final moratorium decision, in full compliance with legislation and with a strong focus on protecting the interests of our clients.
Get a Free Preliminary Assessment
We conduct a preliminary analysis of your accounting, tax, and financial processes to determine the most accurate roadmap for your business.