The court has issued a temporary respite decision for Akay Grup Peyzaj Metal İnşaat Sanayi ve Ticaret Limited Company and TransformerTank Metal Elektrik Makina İhracat İthalat Sanayi ve Ticaret Limited Company. During this period, the transfer of the companies’ movable and immovable assets is prohibited, and without court approval, no pledges may be established, no guarantees may be given, and no transfers of assets belonging to the business may take place.
Enforcement and foreclosure proceedings suspended
Within the framework of the concordat process initiated under Article 288/1 of the Enforcement and Bankruptcy Law, all enforcement, bankruptcy, and foreclosure proceedings against the debtor companies have been suspended. Provisional injunctions and foreclosure applications will also not be enforced during the temporary respite. However, privileged and secured receivables specified in the law are excluded from this scope.
Concordat commissioner appointed
The court has appointed a concordat commissioner to serve during the temporary respite. The commissioner will oversee the financial structure of the companies and mediate reconciliation between the debtors and creditors.
According to the ruling, individuals claiming to be creditors may file a petition with the court within seven days from the date of the announcement to object to the concordat request
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