STAGE 1 • DAY 0 TO DAY 7 FROM OFFICIAL BİK PUBLICATION
Strict 7-Day Statutory Objection Window (İİK Art. 287–288)
1. Verify the Temporary Moratorium (`Geçici Mühlet`), Freeze Unsecured Shipments & File 7-Day Objection
• Immediate Effect (`İİK Art. 294`): Upon the Commercial Court's grant of a 3-month Temporary Moratorium (extendable by up to +2 months to a 5-month maximum under `Art. 287/4`), an automatic stay takes effect. No execution proceedings (`icra takibi`) or precautionary attachments (`ihtiyati haciz`) may be enforced against the debtor, and statutory interest stops accruing on unsecured claims.
• Action Within 7 Days (`İİK Art. 288/2`): Within 7 calendar days of the official announcement on ilan.gov.tr, any foreign creditor may file a petition with the Commercial Court objecting to the temporary moratorium by submitting concrete evidence that the debtor is acting in bad faith, concealing assets, or is financially incapable of rehabilitation.
STAGE 2 • WEEKS 1 TO 4 (FORMAL REPRESENTATION SETUP)
HMK Art. 74 & 1961 Hague Apostille Convention
2. Execute an Apostilled Power of Attorney (`Özel Yetkili Vekaletname`) for Turkish Legal Counsel
• Why You Cannot Wait Until the 15-Day Call: Foreign corporate documents require notarization, Apostille certification (or Turkish Consulate legalization for non-Hague countries), and sworn Turkish translation (`yeminli tercüme`) notarized in Türkiye. Because the claim-filing window is only 15 days, you must prepare the Power of Attorney immediately during the Temporary Moratorium.
• Mandatory Special Authority (`HMK Art. 74`): Under Turkish Code of Civil Procedure Art. 74, a general litigation Power of Attorney is insufficient to vote at the Creditors' Meeting. Your PoA must explicitly include special authority to "enter into concordat, accept or reject concordat proposals, vote in creditors' meetings and committees, and waive or settle claims" (`konkordato teklifini kabul veya reddetmeye, alacaklılar toplantısında ve kurulunda oy kullanmaya`).
STAGE 3 • DURING TEMPORARY & DEFINITIVE MORATORIUM (MONTHS 1 TO 17)
İİK Art. 200–201, 294/7, 296 & 297
3. Manage Ongoing Supply Contracts, Commissar Approval (`Komiser Onayı`), Post-Dated Checks & Set-Off Bans
• New Supplies Require Written Commissar Approval (`İİK Art. 297`): Debts incurred after the moratorium with the explicit written consent (`onay şerhi`) of the Concordat Commissar (`Konkordato Komiseri`) enjoy super-priority status as Estate Debts (`Masa Borcu` under `İİK Art. 308/c-2`). They are NOT subject to concordat haircuts and must be paid 100% on time. Never ship new goods during the moratorium without written Commissar approval or advance payment.
• Post-Dated Checks (`İİK Art. 294/7` & `6th Civil Chamber E. 2025/1412, K. 2025/2988`): Checks issued prior to the moratorium cannot be paid by Turkish banks during the moratorium; when presented on maturity, banks write a statutory annotation (`konkordato tedbiri nedeniyle ödenmemiştir`) instead of "dishonored" (`karşılıksızdır`). However, you MUST still present the check within the 10-day statutory presentation period to preserve recourse against third-party endorsers and avalists!
• Strict Set-Off Ban (`İİK Art. 200–201` & `6th Civil Chamber E. 2024/2210, K. 2024/3812`): A creditor cannot set off (`takas`) a debt owed to the Turkish company if the claim or debt arose or was assigned after the publication of the Temporary Moratorium.
STAGE 4 • CRITICAL 15-DAY STATUTORY WINDOW (İİK ART. 299)
⚠️ PHYSICAL RECEIPT RULE (`POSTADA VARIŞ TARİHİ`)
4. File Your Proof of Claim (`Alacak Kaydı`) Within 15 Days & Apply the Mandatory CBRT (TCMB) Exchange Rate
• The 15-Day Deadline & Receipt Trap (`6th Civil Chamber E. 2025/1945, K. 2025/3604`): Once the debtor transitions to the 1-year Definitive Moratorium (`Kesin Mühlet`, `İİK Art. 289`), the Commissar publishes an official notice inviting creditors to register their claims within 15 calendar days. Under settled Court of Cassation precedent, the date the documents physically arrive at the Commissar's office (or are filed via UYAP by a Turkish attorney) is decisive—NOT the date you hand them to DHL/FedEx/registered mail abroad!
• Consequence of Missing the 15-Day Window (`İİK Art. 299`): Unless your claim is already recorded as undisputed in the debtor's official commercial books (`ticari defterler`), missing the 15-day deadline strips you of the right to participate and vote in the Concordat Project negotiations.
• Mandatory Evidentiary Package for Foreign Creditors: (1) Bilingual/Turkish Petition separating principal (`asıl alacak`) and contractual/default interest accrued up to the Temporary Moratorium date, (2) Commercial Invoices (`Faturalar`), (3) Bills of Lading / CMR / Air Waybills & Customs Export Declarations (`Gümrük Beyannameleri`) proving physical delivery, (4) Underlying Sales Contract / Purchase Orders, (5) SWIFT MT103 records & signed account reconciliation (`cari hesap mutabakatı`), and (6) Apostilled PoA.
• Foreign Currency Conversion Rule (USD / EUR / GBP / CHF): For voting and project calculation purposes, foreign currency claims must be converted into Turkish Lira (`TRY`) at the Central Bank of the Republic of Türkiye (CBRT / TCMB) effective buying/selling rate (`efektif/döviz alış-satış kuru`) specified in the Commissar's announcement (typically the Temporary Moratorium date), while explicitly reserving the right to collect in foreign currency (`TBK Art. 99`).
STAGE 5 • CLAIM VERIFICATION & DISPUTED CLAIMS (İİK ART. 300 & 308/b)
Voting Rights (`Art. 302/2`) & Escrow Deposit (`Art. 308/b`)
5. Respond to Debtor/Commissar Objections (`Çekişmeli Alacaklar`) & Request Court Escrow
• Debtor's Statement (`İİK Art. 300`): The Commissar invites the debtor to declare whether it accepts or disputes each registered claim. If the debtor disputes your claim (in whole or in part), your claim becomes a contested claim (`çekişmeli alacak`).
• Two Critical Actions for Contested Foreign Claims: (1) Immediately petition the Commercial Court under `İİK Art. 302/2` to rule that your disputed claim shall be included in the voting quorum calculation at the Creditors' Meeting; and (2) File a separate lawsuit (`İİK Art. 308/b`) within 1 month prior to the approval hearing (or continue your pending lawsuit/arbitration) and demand that the Court order the debtor to deposit the corresponding concordat dividend into a court-controlled bank escrow account (`depo kararı`) upon project approval.
STAGE 6 • 7-DAY INSPECTION, CREDITORS' MEETING & 7-DAY ACCESSION (İİK ART. 301–302)
Quorum: (1/2 + 1/2) OR (1/4 + 2/3)
6. Inspect Debtor Records (7 Days Prior), Vote at the Creditors' Meeting & Track the 7-Day Accession Period
• 7-Day Pre-Meeting Document Inspection (`İİK Art. 301`): During the 7 days preceding the Creditors' Meeting (e.g., Nov 7–13, 2026 in today's Bursa Y.T.T. Otomotiv filing ILN02572630), your Turkish counsel has the statutory right to inspect the Commissar's report, asset valuation tables, and list of accepted/rejected claims.
• Statutory Approval Quorums (`İİK Art. 302/3`): A concordat project is approved by creditors only if it achieves either: Option A: More than 1/2 (50% + 1) of registered creditors AND more than 1/2 (50% + 1) of total registered claim amount; OR Option B: More than 1/4 (25% + 1) of registered creditors AND more than 2/3 (66.67%) of total registered claim amount.
• 7-Day Post-Meeting Accession (`İİK Art. 302/VII İltihak Süresi`): Voting does not end at the meeting hall! Creditors can cast or join votes in writing at the Commissar's office for 7 calendar days following the conclusion of the meeting.
STAGE 7 • AT LEAST 3 DAYS BEFORE THE COURT APPROVAL HEARING (İİK ART. 304/1)
🚨 MANDATORY 3-DAY PRIOR WRITTEN OBJECTION RULE
7. File Written Objection at Least 3 Days Before the Approval Hearing (`Tasdik Duruşması`) to Preserve Appeal Standing
• The 3-Day Rule (`İİK Art. 304/1`): After the Commissar submits its reasoned final report to the Commercial Court, the Court announces the final Approval Hearing date on ilan.gov.tr (e.g., tomorrow's Nov 9, 2026 deadline for the Nov 12 hearing in Polatlar Mutfak ILN02583183). If you oppose the project, you MUST file a written statement of objection motives at least 3 days before the hearing date.
• Why It Is Critical: Under `İİK Art. 304/1` and `Art. 308/a`, a creditor who fails to submit a written objection at least 3 days before the approval hearing loses the legal standing (`sıfat`) to attend the hearing and to appeal (`istinaf/temyiz`) the court's approval decision!
• Substantive Grounds to Block Approval (`İİK Art. 305` & `6th Civil Chamber E. 2026/1140, K. 2026/2922`): Challenge projects that offer long-term (e.g., 36–48 months) interest-free (`faizsiz`) Turkish Lira installments that disproportionately erode creditor recovery compared to liquidation value (`İİK Art. 305/1-a, b`).
STAGE 8 • WITHIN 2 WEEKS OF COURT DECISION (İİK ART. 308/a & LAW NO. 7499)
Unified 2-Week Appellate Deadline
8. File Regional Appellate (`İstinaf`) or Supreme Court (`Temyiz`) Appeal Within 2 Weeks
• Under Law No. 7499 and Court of Cassation 6th Civil Chamber E. 2024/4910, K. 2025/1540, the deadline to file an appeal (`istinaf`) to the Regional Court of Appeal (`Bölge Adliye Mahkemesi`) and a subsequent cassation appeal (`temyiz`) to the 6th Civil Chamber of the Court of Cassation is strictly 2 weeks from service or publication of the judgment.
STAGE 9 • POST-APPROVAL ENFORCEMENT (İİK ART. 303 & ART. 308/e)
Guarantor Pursuit & Partial Termination (`Kısmen Fesih`)
9. Enforce Against Third-Party Guarantors (`İİK Art. 303`) & File for Partial Termination (`İİK Art. 308/e`) Upon Any Default
• Preserving Rights Against Guarantors, Avalists & Co-Debtors (`İİK Art. 303`): If you vote "NO" to the concordat project (or do not vote), you automatically retain 100% of your rights against third-party corporate guarantors, bank letter-of-credit issuers, check avalists, and personal sureties (`kefiller`). If you wish to vote "YES" without losing your rights against guarantors, `İİK Art. 303/2` requires you to formally notify the guarantor of the meeting date/place at least 10 days before the meeting and offer to assign your claim against payment!
• Partial Termination When an Installment Is Missed (`İİK Art. 308/e` & `6th Civil Chamber E. 2026/334, K. 2026/1302`): Once a concordat is approved (like today's Stoper Endüstriyel Ltd. ILN02586759), it binds all unsecured creditors (`İİK Art. 308/c`). However, if the debtor defaults on even a single scheduled installment to your company, immediately file a Partial Termination lawsuit (`İİK Art. 308/e Kısmen Fesih`) before the approving Commercial Court. Upon finality, the haircut and maturity extension are revoked for your claim, restoring your right to seize assets for 100% of the unpaid balance.