Concordat is not exclusively a process for joint-stock or limited companies; individuals, regardless of their merchant status, can also request a concordat if they encounter financial difficulties. It is an important legal opportunity for restructuring debts and negotiating with creditors to continue operations.
According to the Turkish Enforcement and Bankruptcy Law, an individual who cannot pay their debts, whether subject to bankruptcy or not, can apply to the court for a concordat. During this process, the court grants a temporary stay, appoints a concordat commissioner, and ensures the protection of assets. If the proposed concordat plan is accepted by creditors and approved by the court, the debtor can continue operations while repaying debts under legal protection.
However, in individual concordat applications, the personal assets are directly considered, so financial statements, debt-equity balance, and the payment plan must be prepared with utmost care. At Sayın Hukuk, we manage the entire process of individual concordat applications and ensure that all legal requirements are fully met.