Concordat respite and cosequences with regard to creditors

With the Law No. 7101 on "The Amendments to the Enforcement and Banktrupcy Law and Some Other Laws", the bankruptcy adjournment institution was abolished and significant amendments were made in the concordat institution. The amendments were aimed to activate the concordat institution. Despite the fundemental amendments, many controversial issues in doctrine regarding concordat institution could not be resolved and this resulted in uncertainities in the implementation. It was expected fom the concordat institution to fill the gap in the law caused by the bankruptcy adjournment institution, however the issues ongoing since the bankruptcy adjournment procedure has been left unanswered in the Law. Concardatum is mostly effective on the rights of creditors. Rights of the creditors is subject to limitations of concardatum process. In this study, limitations of rights of the creditors were investigated comparitavely with the old regulation and bankruptcy adjournment institution. Issues that could arise in the implementation were detected, and solution recommendations for these issues in the doctorine were presented. The opinions in the doctorine about the new regulations and conflicts that could not be solved through amendments were examined and solution recommendations were presented to contribute to the related field. Key Words: Concordatum, Respite of Concordatum, Recovery, Trustee in Composition