A last glimmer of hope for businesses drowning in debt and on the verge of bankruptcy, composition allows avoiding bankruptcy through debt restructuring. In this process, the composition commissioner plays a critical role in helping to restructure debts in a fair and transparent manner and protecting the rights of both debtors and creditors.
Who is the composition commissioner?
According to Article 290 of the Execution and Bankruptcy Law, the composition commissioner is the person selected from the list of commissioners formed by the regional expert boards and is responsible for overseeing the completion of the composition project and the debtor’s activities. These commissioners are selected from among experts in their fields, such as financial advisors, accountants, lawyers or academics.
What are the Duties of the Composition Commissioner?
The main duties of the concordat commissioner are as follows:
Assisting in the preparation of the concordat project: Collaborating with the debtor, contributing to the analysis of the financial situation, meeting with creditors and preparing the draft text of the concordat project.
Supervising the activities of the debtor: Monitoring the implementation of the concordat project, informing the court and the creditors’ council if any negativity is detected in the debtor’s financial situation.
Advising the creditors’ council: Participating in the creditors’ council meetings, providing information about the concordat project and the debtor’s financial situation, answering creditors’ questions and acting impartially in the voting.
Submitting a report to the court: Submitting a report to the court containing the evaluation of the project after the completion of the concordat project.
How is the Concordat Commissioner Selected?
Concordat commissioners are selected from the list of commissioners formed by the regional expert boards. To be registered on this list, the following conditions must be met:
Be a Turkish citizen
Have a full driver’s license
Be at least a high school graduate
Have five years of professional experience (such as an accountant, financial advisor, lawyer or academic)
Have no criminal record
Meet the other conditions specified in Article 13 of the Regulation on the Composition Commissioner and the Board of Creditors
Composition Commissioner Training
No associate’s degree or undergraduate program is required to serve as a composition commissioner. However, it is mandatory to successfully complete the Composition Commissioner Training organized by the regional expert witness boards. This training provides information on topics such as composition law, relations with creditors, financial analysis and reporting.
