ERDEM-NEWSLETTER-2018-metin

299 ENFORCEMENT AND BANKRUPTCY LAW Duties of Concordat Trustee during the Peremptory Respite Under Article 287(3) of the EBL, assignment of the concordat trustee is also obligatory during the peremptory respite. The primary reason for this requirement is the obligation to secure the assets of the debtor, as well as the interests of the creditors, during the peremptory respite, which term can extend to eighteen months. Upon the decision of peremptory respite, in the event a new as- signment is not deemed to be necessary, the temporary trustee shall continue his/her duties. Appeal of the decision regarding the as- signment of the trustee is also impossible during this period. On the other hand, the actions of the trustee may be subject to complaint. In addition, the actions of the trustee shall be subject to supervision of the board of creditors during the peremptory respite. As the board of creditors is an arbitrary institution, the court should also hear the complaints of the creditors regarding the actions of the trustee in the concordat proceedings, if there is no board of directors to secure the creditors’ right to fair hearing. The preliminary duties of the trustee during the peremptory re- spite are; to assist the with transactions of the debtor (EBL Article 290/2/b), inviting the creditors to notify their receivables by way of announcement (EBL Article 299), examining the notified receivables and preparing a report on the same (EBL Article 290/2/a), informing the court via interim reports (EBLArticle 290/2/d), inviting the credi- tors to deliberate on the project (EBLArticle 301), to preside over the board of creditors, and to submit reports to the board (EBL Article 302/1). In addition to these duties, the concordat trustee is to main- tain and evaluate the books of the assets of the debtor. Therefore, the trustee shall be able to determine whether the assets of the debtor are proportionate to the concordat proposal. In this process, the pledged creditors, whose receivables will not be covered by the pledge, shall be taken into consideration in the calculation of the majority of the receivables and the creditors. The trustee’s specialization in the field of activity of the debtor may enable him/her to find the appropriate balance between protection of the assets of the debtor, and provide flexibility to the debtor in his/