Concordat does not result in the current project revision, the Borrower’s proposal being out of proportion to its resources, the removal of the temporary concordat period alone, or the removal of the definite period for the debtor or the failure to provide the definite period for the debtor. Because the borrower can revise his preliminary project within a certain period of time. It is understood that the debtor’s concordat will not result in success if the debtor does not revise the preliminary project that is disproportionate to its existence, or does not revise the preliminary project within the definite period, or if the proposal is not proportional to its resources.
Concordat Current Project Revision
The first document to be submitted in the concordat application is the preliminary concordat project. In the preliminary concordat project, the debtor will pay his debts at what rate or maturity, to what extent the creditors will waive their receivables, whether they will sell their existing goods in order to make the payments, the financial resources necessary to continue their activities and the payments to the creditors through capital increase or by using a loan or another method. It contains points that indicate that it will be provided. The preliminary concordat project can be changed and revised within a certain and temporary period. However, it is very important that the preliminary concordat project is realistic and applicable.
What Happens If The Concordat Is Approved?
The approval of the concordat means that the court and the creditors approve another offer made or agreed upon by the debtor. With the approval decision of the court, the concordat becomes binding for the debtor.