ERDEM-NEWSLETTER-2018-metin

292 NEWSLETTER 2018 is served, the execution proceedings are not objected to, nor is the objection lifted, then the execution proceedings continue. Otherwise, the bailiff will reject the request by stating his reasons. The creditor or the debtor may object to the decision of the bailiff. If the seizure is not requested within two years following the ser- vice of the payment order, the execution proceeding is rendered null and void. If an action regarding the lifting of the objection is filed, the time elapsed between the date of filing a lawsuit and finalization of the decision is disregarded. With this Regulation, the period identified before as one year has increased to two years for execution proceed- ings under this Law. The provisions of the Law regarding the execution proceedings of the monetary receivables arising from subscription contracts shall not be applied to the proceedings that are pending on the date of entry into force of the Law; these execution proceedings are conducted pursuant to the provisions that were in force on the date they were initiated. Until the present date, five per one thousand of the receivables that are subject to an execution proceeding was charged as the filing fee for the cost of execution proceedings, without judgment. The Ar- ticle added to the Law on Fees under Law No. 7155 stipulates that 2% of the receivables that are subject to the proceeding shall be charged in the execution requests within the context of Law No. 7155. The provisions of the Law that regulate the execution proceed- ings shall enter into force on 1 June 2019. Amendments concerning the Concordat The concept of concordat entered very quickly into our legal system eight months ago and had a wide area of application. There is no doubt that problems of application have emerged over the course of time. In relation to this, some amendments have been made to the provisions of the concordat through Law No. 7155. Accordingly, the principles regarding the report that is to be pre- pared by the independent auditing companies, which must be submitted at the time of the application for concordat, are redetermined. The audit-