Circumstance Where Bankruptcy of Debtor Can Be Resolved During the Period for the Ordinary Concordat Outside of Bankruptcy Procedure

Under Turkish law system, in order to protect honest debtors whose economic situation has been distorted and who is willing to continue its commercial activities while paying off its debts and to enable equality among the creditors of these debtors “Concordat” (in TR konkor-dato) corporation has been introduced. With the introduction of the concordat corporation, it has been targeted that debtor continues its activities while creditors of the debtor receive their receivables. However, there is a risk embodied in the concordat corporation for the debtors subject to bankruptcy procedure. Under certain circumstances, it is also possible that bank-ruptcy decision can be resolved against the debtors with bad faith who do not aim to improve their situation through this duration. In this study, circumstances where bankruptcy of debtor can be resolved during the period for the ordinary concordat outside of bankruptcy procedure have been discussed in the light of jurispudence and doctrinal views.