A Turkish court might declare concordat when a debtor, who has, or is threatened to be defaulted on his debts, agrees with its creditors on the restructuring of most of his debts.1 The concordat project governs how, when and to which extent the debt will be repaid. Upon its declaration, the concordat binds all creditors, even the ones that did not consent to it.

When the court accepts to review the concordat application, the court also provides three-months of provisional stay (geçici mühlet) during which it must take all precautions to protect the debtor’s assets.