The Composition Process for a Creditor
- Following the announcement and the statutory time limits,
- documenting the claim, interest, currency, pledge and privilege,
- reviewing the debtor’s records and the commissioner’s reports,
- notifying the claim and, where necessary, objecting,
- strategy for the disputed claim and for taking part in the vote,
- comparing the offer with the recovery in bankruptcy,
- separating the secured part of the claim from the ordinary part,
- attending the meeting, negotiating and voting,
- the confirmation hearing, objection and appeal,
- following plan payments, default, partial revocation and the claim action.
Legal Work That Can Be Carried Out on This Subject
Notifying and Registering Claims
We examine the timely notification of claims following the announcement, the supporting documents, the principal, interest, currency, pledge, privilege and suretyship position. The differences between the debtor’s records and the creditor’s statement are identified.
The participation in the meeting and the vote of a creditor that has not notified its claim, or has notified it late, is assessed within the law and the conditions of the announcement. Registration of a claim does not mean that the claim has been accepted in every respect by a final judgment.
Disputed Claims and Objections
For claims the debtor objects to, we prepare information on the contract, invoice, delivery, account, payment, set-off, limitation, security and any pending lawsuit.
The decision the court may give on taking part in the vote is kept separate from the action on the merits of the claim. After confirmation, the action on the disputed claim, the share set aside and the time limits are followed separately.
Negotiating with Secured Creditors
The scope and value of the pledge, the secured and unsecured parts of the claim, interest, the enforcement status and whether the asset is necessary for the business are examined.
The negotiation and majority system under Enforcement and Bankruptcy Law (İİK) Art. 308/h and the limits of enforcement against a pledge during the moratorium are addressed separately. The offer made to a secured creditor is not an automatic copy of the offer made to ordinary creditors.
Creditors’ Meeting and Voting Majorities
The commissioner’s report, the plan, the claims list, privilege and voting rights are reviewed before the meeting. Communication with creditors and changes to the offer are conducted within equality, transparency and the workability of the plan.
The plan must be accepted by one of the alternative statutory majorities: more than half of the registered creditors and of the claims, or more than one quarter of the registered creditors and two thirds of the claims. The vote is not calculated by looking only at the total debt table; voting rights and creditors not counted are separated out.
Creditor Representation, Objection and Litigation Strategy
On behalf of the creditor, we follow the announcement and time limits, register the claim, determine the pledge and privilege, review the commissioner’s reports, attend the meeting and vote, object to confirmation, pursue the appeal and conduct the disputed claim actions.
The debtor’s plan is examined for reality, workability, equality, the bankruptcy comparison, related-party transactions and the value of security. The creditor’s short-term interest in enforcement and the higher recovery that may arise from preserving the value of the business are assessed together.
Announcement and Filing Timetable for the Creditor
An objection to the announcement of the provisional moratorium and the call to notify claims are different actions. Under İİK Art. 288, the seven-day strict time limit for objection from the announcement date is followed; under Art. 299, the fifteen-day period from the commissioner’s announcement calling for notification of claims is followed. If a claim that has not been notified is not recorded in the balance sheet, the right to take part in the negotiation may be lost; this does not mean that the debt is automatically erased.
Do not wait for a UETS notification
Waiting for a personal message from the National Electronic Notification System (UETS) for time limits tied to an announcement may cause a loss of rights. The Trade Registry Gazette, the Press Advertisement Agency (Basın İlan Kurumu) announcement, the commissioner’s letter and the court documents are followed separately. The legal effect of UETS, Registered Electronic Mail (KEP) and e-mail records is not confused; each action is assessed under its own starting rule.
Confirmation hearing and the disputed claim
Under İİK Art. 304, the rule that the grounds of objection be notified in writing at least three days before the hearing is taken into account. Under İİK Art. 308/b, the one-month period for bringing an action on a claim that has been objected to, running from the announcement of the confirmation decision, and its effect on protecting the share set aside are assessed separately. The appeal period, the type of decision and the transitional provisions are determined in the file.