In the concordat process, the terms temporary period and definitive period are often confused. Both are essential stages of the concordat procedure, serving different purposes.
The temporary period is the initial protection period granted after the debtor applies to the court for a concordat. During this period, enforcement proceedings are suspended, no seizures can be made on the debtor's assets, and bankruptcy requests are put on hold. The temporary period is typically 3 months but can be extended by an additional 2 months if deemed necessary.
The definitive period follows the temporary period and is a long-term protection period granted by the court once it deems that the conditions for the concordat are met. The definitive period lasts 1 year and can be extended up to 6 months by court decision. During this time, the debtor continues operations under the supervision of the concordat commissioner, negotiations with creditors are finalized, and the concordat plan to be submitted to the court is developed.
At Sayın Hukuk, we protect our clients’ rights during both the temporary and definitive periods, fully implementing legal procedures. We ensure that the periods are not confused and that each stage is managed with the correct strategies, understanding that proper execution within each period is critical for the successful completion of the concordat process.