ERDEM-NEWSLETTER-2018-metin

297 ENFORCEMENT AND BANKRUPTCY LAW decisions that are in accordance with the necessities of the relevant commercial field, then the transactions shall be more profitable during the temporary delay, and this shall serve the concordat’s mandate to improve the financial status of the debtor. Amendments Regarding the Qualifications of Concordat Trustee Stipulated in the Legislative Proposal of 13 November 2018 Certain amendments regarding the qualifications of the concordat trustee are stipulated in the Legislative Proposal with respect to the Procedure to Commence Proceedings of Pecuniary Claims Resulting from the Subscription Agreement (“Legislative Proposal”). Under Ar- ticle 14 of the Legislative Proposal that amends Article 287(3) of the EBL, if three trustees are assigned, one of them shall be selected from amongst the independent auditors that are authorized by the Public Oversight, Accounting and Auditing Standards Authority (“Author- ity”), with the condition of operating in the province where the court is located. Also, Article 15 of the Legislative Proposal, which stipulates amendments to Articles 5 and 6 of Article 290 of the EBL, regulates that the trustees shall be chosen from the list of trustees that is pre- pared by the regional boards of experts. In order to be included on this list, the condition of completion of training that is given by the institutions, and which are authorized by the Ministry of Justice, is a requirement. The Authority shall notify the regional board of experts of the independent auditors who are so are authorized and approved as cap auditors, and who could be appointed as trustees. Moreover, the number of cases to which a trustee may be assigned at the same time is limited to five according to the mentioned regula- tion. In the event the proposal becomes law, the Regulation of Article 4(3) that governs the same, shall also be regulated by the law. Duties of Trustee within the Term of Temporary Respite Although the Switzerland Enforcement and Bankruptcy Law (“SwEBL”), which is the source of the regulation used in Turkish law,