The concordat commissioner is one of the most critical elements of the concordat process, which is carried out to protect the debtor's financial structure and safeguard the rights of creditors. The rules determining the appointment, working methods, reporting procedures, and responsibilities of the commissioner are regulated by the Concordat Commissioner Regulation and General Communiqué No. 171. Therefore, the commissioner role requires a disciplined working process with strong legal and financial dimensions.

 

1. Commissioner Appointment Procedures

The concordat commissioner is appointed by the commercial court as soon as the concordat application reaches the court. The court considers the following criteria when selecting a commissioner:

• Completion of the commissioner training

• Professional experience and area of expertise

• Record and past performance in the commissioner pool

• Principles of impartiality and objectivity

If necessary, the court may appoint multiple commissioners or a commissioner board.

2. Principles of Duty Execution

The concordat commissioner is responsible for managing and supervising the concordat process impartially. While performing their duties, they follow these principles:

• Impartiality: Cannot favor the interests of any party.

• Transparency: Reports information about the process objectively and clearly.

• Regular Supervision: Closely monitors the debtor's activities.

• Compliance with Legislation: Conducts all procedures within the framework of laws and regulations.

These principles ensure that the commissioner makes sound decisions while guiding the concordat process.

3. Reporting Procedures

The progress of the concordat process relies on reports prepared by the commissioner. The main reports the commissioner is required to submit include:

• Initial assessment report before the provisional term

• Interim reports

• Commissioner audit reports

• Final term report

Reports include elements such as the company's financial situation, payment capacity, creditor records, and the feasibility of the concordat plan.

4. Communication with Creditors and Debtor

The concordat commissioner is responsible for establishing fair and regular communication with both the debtor and creditors. In this process:

• Collects creditors' claims

• Reviews debt records

• Organizes creditors' committee meetings

• Gathers information about the debtor company's activities

The aim is to ensure that all parties are properly involved in the process.

5. Audit and Supervision Procedures

The concordat commissioner regularly audits the debtor's assets and financial status. In this context:

• Examines company records

• Checks accounting and financial transactions

• Reports unusual transactions to the court

• Monitors compliance with the concordat terms

This supervision prevents abuse of the concordat process.

6. Dismissal and Responsibilities

The concordat commissioner may be dismissed by the court if they fail to perform their duties properly or compromise their impartiality. Additionally:

• Abuse of duty

• Incomplete or incorrect reporting

• Actions contrary to legislation

Such situations may result in legal liability.

 

Click here to access the Regulation on Concordat Commissioners and Creditors' Committee published in the Official Gazette.

Click here to apply for the Basic Concordat Commissioner Training.

Click here to apply for the Renewal Concordat Commissioner Training.