Akademik Veri Yönetim Sistemi
ISTANBUL HUKUK MECMUASI, cilt.78, sa.3, ss.1239-1277, 2020 (ESCI)
Concordat is a legal opportunity for reorganizing the debts of any debtor, who cannot pay his debts or who is in danger of failing to pay at a maturity date, with a project via a certain maturity date or discount. The debtor will be given 1-year definitive period if the concordat is likely to be successful at the end of the provisional period. Concordat has important consequences related to procedural law and substantive law on debtors and creditors. Furthermore, the effects of concordat on the suretyship arise in the case of signing a suretyship contract for the original debt. Hence, the surety who is jointly liable to the creditor with the debt is also included in the interest of the concordat apart from the creditors and the debtor. The provisions of the Enforcement and Bankruptcy Code (EBC) must also be applied to the suretyship stipulated in the Turkish Code of Obligations (TCO) after the debtor enters the concordat process as there are provisions regarding suretyship in the section where Enforcement and Bankruptcy Code is organized on concordat, and there are provisions on concordat in the section where TCO is organized on suretyship. The effects of concordat on the suretyship require that these provisions be applied together although it is accepted that the provisions of the EBC regarding suretyship are special provisions according to the provisions of the TCO.