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979 companies was declared concordat in many sectors in Turkey. Experts unlike the public perception of the wrong, not a bankruptcy, not a bankruptcy process, underlines that a legal and strategic process.
*** This release is originally published in Turkish.
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ISTANBUL (TR) - Extending collection and payment periods are damaging the business cash flow balance. Hundreds of companies declare concordat in the market, especially due to the misinterpretation of the public by creating a multiplier effect raises concerns in the market. As of the end of 2018, a total of 979 companies from many sectors of food transportation announced concordance. 35% of these companies are joint stock companies and 65% are limited companies. According to the number of companies declaring the concordat according to provinces 397 from Istanbul, 148 from Ankara, 73 from Izmir, 46 from Kocaeli, 28 from Mersin and 25 from Bursa took place. Konkordato is a process of debt restructuring to get rid of bankruptcy of the founder of the Audit Audit Financial Advisor Mustafa Kokoya, "Konkordato decision, without delays, deliberately protects all stakeholders in the trade and debts in the economy creates a domino effect," he said.
The concordat application, which had been in place for many years, started to see more demand in March 2018 with the complete abolition of bankruptcy. Mustafa Köksoya stated that the concordatial decisions in the jurisdiction of the Commercial Courts of the Ministry of Justice are not contrary to the beliefs. Konkordato is a way for companies that have enough assets to pay their debts or have a plan on liquidation of debts in their minds but which do not have enough maturity. The most important point at this point is to take this action with timely intervention without further deterioration in financial terms. In fact, the concordat process is a strategic step that protects all commercial stakeholders if they are managed and guided by an expert. Bir
Referring to the details of Konkordato, Mustafa Köksoya, who has been managing the concordat process of many large companies so far, said: lar If the company is another subject that is misunderstood by the owners and shareholders, we will not manage the company anymore süre. it should not be forgotten that only the authority to oversee. So the raw material will take the current management again, will plan the current management of payments. One of the appointed commissars will be a lawyer, another is a professional expert in financial statements and financial analysis, and the last will be an expert in the sector in which the company operates. Especially during the financial vortex process, the company is in the hands of the company management to have an expert staff that cannot be employed under normal conditions and to turn the concordat announcement into an advantage with comprehensive improvement plans.