Ordinary concordat request

Ordinary concordat is a legal opportunity for restructuring the debts any debtor, who cannot pay his debts or who is danger of failing to pay at a maturity date, with a project via a certain maturity date or discount. With the Law No. 7101, the concept of preliminary project is included in our law. The preliminary concordat project is the first and most important document that need to submitted to court among the documents which are attached to the concordat request. The issues that should be included in the preliminary concordat projects are mentioned in Article 6 on The law No. 7155 and The Regulation on Documents to be added to the Concordat Request. These are: at what rate or term the debtor will pay his debts, at what rate the creditors will give up their receivables, whether the debtor will sell his property for payments, what method the borrower will be provide the financial resources necessary in order to the proceed activity and the payments to the creditors; in this context whether it is going to increase capital or obtain creditor use another method. The documents indicating the status of the debtor's assets are mentioned in Article 7 of the Regulation. These documents are; Final balance sheet prepared in accordance with Turkish Commercial Code, income statement, cash flow statement, interim balance sheet prepared on the basis of continuity of the enterprise, interim balance sheet prepared on the probable sales prices of the assets, opening and closing approvals of the commercial books and the carter information related to the e-books created electronically, lists of tangible and intangible assets and their books values, lists and documents showing all receivables and payables together with their maturities, other information and documents explaining the financial situation of the debtor. Article 8 of the regulation is the list of creditors and receivables, Article 9 is a comparison table, Article 10 is an audit report that provides reasonable assurance, and Article 11 is the documents and reports. Any debtor or creditor requesting the concordat is obliged to submit these documents. The court receiving the concordat request will decide the temporary term if the documents in the law are complete. If the concordat is likely to succeed at the end of the temporary term, a definite term should be given. Key words: Ordinary Concordat, Preliminary Concordat Project, Documents to be added to the Concordat Request