Regulation on the Qualifications of the Concordat Commissioner and the Mandatory Creation of the Creditors Board published.

The Regulation on the Qualifications of the Concordat Commissioner and the Mandatory Creation of the Creditors Board (The Regulation) has been published in the Official Gazette dated 02.06.2018 to be effective from the date of publication.

The Regulation contains the following in brief: circumstances requiring the mandatory creation of the Creditors Board in line with the qualifications of concordat commissioner and number of creditors, the amount of receivables and the diversity of receivables as per the provisions of the fourth clause within Article 289 of the Bankruptcy and Enforcement Law no.2004 and the sixth clause of Article 290 and procedure and principles concerning the other situations about the Creditors Board.