ERDEM-NEWSLETTER-2018-metin

287 ENFORCEMENT AND BANKRUPTCY LAW With respect to the provisions regarding an ordinary concordat, the court ruling on the definitive term of a concordat may establish a board of creditors, limited to seven creditors, to whom no payment will be made. The board of creditors may be established with the decision on the definitive concordat, or at a time deemed appropriate within the definitive term, provided that the opinion of the commissar is taken. In this respect, the duties of the commissar of the concordat and the board of creditors are regulated under Law numbered 7101. Law numbered 7101 stipulates that the foreclosure proceedings of the pledged property may be commenced or continued for the re- ceivables ensured by the pledged property during the definitive term, but the pledged property may not be attached or sold. Law numbered 7101 regulates the appeal procedure of the decision of the concordat. Accordingly, the debtor or the creditor who has demanded the con- cordat decision may appeal to the Regional Court of Appeal within 10 days as of the notification of the decision, while the 10-day appeal period commences as of the announcement of the confirmation deci- sion for the other creditors. The decision of the Regional Court of Appeal may be appealed within 10 days to the Court of Cassation. That being said, the decisions that uphold the request of the definitive term of the concordat, and which reject the request of the removal of the term, may not be appealed. It shall be noted that pursuant to Law numbered 7101, the provi- sions that were in force at the time of the request of suspension of bankruptcy and the concordat shall continue to apply to the pending requests upon the date the Temporary Article 14 of the EBL came into force. Possibility of Selling Goods and Rights that Constitute the Entirety as a Whole Another regulation in favor of the creditors stipulated under Law numbered 7101 is related to the goods and rights that constitute a commercial and economic entirety. In this respect, goods and rights constituting a commercial or economic entirety, or which appear to yield a higher income when sold as a whole, shall be converted into money as a whole.