Status Of Bankruptcy Proceedings And Concordat Requests Due To Coronavirus
Status of Bankruptcy Proceedings and Concordat Requests
Although Article 330 of the Law No. 2004 does not contain a provision on bankruptcy proceedings, the Decree explicitly affects bankruptcy proceedings in addition to enforcement proceedings. For this reason, until 30.04.2020
followed bankruptcy proceedings cannot be initiated. For this reason, it should be accepted that the existing bankruptcies and liquidations will be suspended. On the other hand, since direct bankruptcy requests are urgent and non-contentious judicial proceedings, they are extraordinary.
We are of the opinion that the stay of execution shall not constitute an obstacle to the assertion of these requests.
There is no provision in the Decision that would prevent the debtor from requesting concordat during the period in which the stay of execution is in effect. However, no follow-up will be possible during this period
Therefore, we are of the opinion that the debtor does not have a legally protected interest in making such a request. On the other hand, the transactions to be carried out in terms of the concordat process should stop within the extraordinary grace period and the periods should not run. As a matter of fact, the gathering of creditors and voting are transactions that should not be carried out during this process, and the periods should not run in concordat. Thus, the law
The periods will not run between March 20 and April 30, 2020, in other words, the concordat deadline will be de facto extended in this way
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