Concordat

Concordat

Concordat is a legal process that allows real or legal persons who have difficulty in paying their debts or who are in danger of not being able to pay their debts, to pay their debts through an extension or discount by reaching an agreement with their creditors. Concordat is designed to prevent bankruptcy in order for the debtor to continue its commercial activities and protect its economic existence.

Bankruptcy, on the other hand, is a process that involves the determination by a court decision that the debtor has completely lost its ability to pay its debts and the liquidation and distribution of its assets to creditors accordingly. Bankruptcy is a procedure that generally applies to commercial enterprises and merchants and is carried out within the framework of the provisions of the Enforcement and Bankruptcy Law.

At Göçük Law Firm, we have extensive experience in concordat and bankruptcy processes. We have successfully completed concordat projects before, enabling our clients to continue their business activities by restructuring their debts. We provide reliable guidance and effective solutions to complex legal issues.

Our Services

• Preparation of debtors’ concordat applications, creation of improvement projects and management of the process from the beginning to the end
• Conducting negotiations with creditors and arranging concordat agreements,
• Providing the necessary legal infrastructure for the approval of concordat projects by the court
• Analysing the insolvent status of companies and conducting bankruptcy proceedings,
• Recording receivables to the bankruptcy estate, monitoring the liquidation process and protecting the rights of creditors.
• Relieving the debt burden of client companies, restructuring business models and producing sustainability-oriented solutions.
• Providing legal support within the framework of local and international legislation, providing strategic consultancy for the correct management of bankruptcy and concordat processes.