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DOI :10.26650/mecmua.2020.78.2.0009   IUP :10.26650/mecmua.2020.78.2.0009    Full Text (PDF)

The Effect of COVID-19 Pandemic on the Termination of Perpetual Debt Obligations within the Scope of the Concordat

İbrahim Ermenek, Bünyamin Kartal

It is likely that the COVID-19 pandemic will directly or indirectly affect the achievement of the aim of ongoing concordat processes, which deeply affects social and economic life. At the end of that period, measures undertaken to stop deadlines to prevent loss of rights in the jurisdiction may result in collective enforcement and bankruptcy proceedings. Hence, in addition to new concordat applications, the possibility of termination of perpetual debt obligations has gained importance in the ongoing concordat processes. The approval of the concordat commissioner and the court is required for the termination. Formal conditions for obtaining the mentioned permission and approval and criteria of proof were also affected by the COVID-19 pandemic. The prohibition of termination by Law No. 7226 regarding workplace lease agreements and the termination of perpetual debt obligations within the context of the purpose of the concordat should be revealed. Additionally, during the COVID-19 pandemic, the areas of application intersect between the adjustment of perpetual debt obligations and the termination in the context of the objective of the concordat. Hence, the borrower may have to choose between adjusting the contract and its termination for the concordat to reach its goal. This study focuses on the effects of the COVID-19 pandemic to the preference of the borrower between the choices we have pointed and termination of perpetual debt obligations in the context of the objective of the concordat.

Keywords: Concordat, Perpetual debt obligations, Termination, Adjustment, COVID-19
DOI :10.26650/mecmua.2020.78.2.0009   IUP :10.26650/mecmua.2020.78.2.0009    Full Text (PDF)

Konkordatonun Amacı Kapsamında COVID-19 Salgınının Sürekli Borç İlişkilerinin Feshine Etkisi

İbrahim Ermenek, Bünyamin Kartal

Sosyal ve ekonomik yaşamı derinden etkileyen COVID-19 salgınının devam eden konkordato süreçlerinin amacına ulaşmasını doğrudan ya da dolayı olarak etkilemesi muhtemeldir. Yargı alanındaki hak kayıplarının önlenmesi amacıyla sürelerin durdurulması yönünde alınan tedbirler, söz konusu sürenin bitiminde borçlunun toplu şekilde icra ve iflas takiplerine maruz kalması sonucunu doğurabilir. Bu nedenle yeni konkordato başvurularının yanı sıra devam eden konkordato süreçlerinde de sürekli borç ilişkilerinin konkordatonun amacına mani olmaları sebebiyle feshedilebilmesi imkânı önem kazanmıştır. Feshin gerçekleşebilmesi için konkordato komiserinin izni ve mahkemenin onayı gerekir. Sözü edilen izin ve onayın alınmasına ilişkin şekil şartları ve ispat ölçüsü de COVID-19 salgınından etkilenmiştir. 7226 sayılı Kanun ile iş yeri kira sözleşmeleri bakımından getirilen fesih yasağı ile konkordatonun amacı bağlamında sürekli borç ilişkilerinin feshedilebilmesi arasındaki ilişki ortaya konulmalıdır. Ayrıca sürekli borç ilişkilerinin uyarlanması ile konkordatonun amacı bakımından feshedilebilmelerinin uygulama alanları COVID-19 salgınına dayalı olarak kesişmektedir. Bu bağlamda konkordatonun amacına ulaşabilmesi için borçlu, sözleşmenin uyarlanarak ayakta tutulması ile sözleşmenin feshedilmesi arasında bir tercihte bulunmak zorunda kalabilir. Bu çalışmada COVID-19 salgının borçlunun işaret ettiğimiz seçenekler arasındaki tercihine ve konkordatonun amacı kapsamında sürekli borç ilişkilerinin feshedilebilmesine etkileri üzerinde durulmaktadır.

Keywords: Konkordato, Sürekli borç ilişkileri, Fesih, Uyarlama, COVID-19

EXTENDED ABSTRACT


Perpetual debt obligations may prevent debt restructuring and the concordat project to achieve its goal in this context that span a long process. Therefore, the opportunity to terminate the continuous debt relations that prevent the concordat from reaching its purpose has been given under the Enforcement and Bankruptcy Code Article 296/2. The possibility of termination is a legal adjusting in terms of its legal nature, which is regulated in Enforcement and Bankruptcy Code Article 296/2. The debtor is saved from the burden of the perpetual debt obligations with this arrangement. In this way, it becomes possible to achieve the goal of the concordat. This opportunity has been brought only for permanent debt obligations. However, periodic contracts are also within the scope of termination. The possibility of returning from the contract in our opinion should be granted within the scope of the same arrangement for sudden contracts with a time interval between its establishment and performance.

The COVID-19 pandemic also significantly affected new concordat applications, ongoing concordat processes, and court-approved concordat projects, which deeply shook the social and economic life. Perpetual debt obligations are also likely to be affected by the COVID-19 pandemic, as they span a process. However, it cannot be said that all perpetual debt obligations are negatively affected by the COVID-19 pandemic.

It should be determined whether the concordat has the purpose of healing in the evaluation to be made within the scope of preventing the purpose of the concordat. The economic bottleneck caused by the COVID-19 pandemic may result in the borrower wanting to get rid of the burden of perpetual debt obligations. However, for the purpose of the concordat, the COVID-19 pandemic is not an absolute consideration. The COVID-19 pandemic should be taken into account in cases where the concordat has a direct or indirect change in the number or weight ratio of factors affecting or preventing its healing purpose.

According to the circumstances of the concrete situation, the COVID-19 pandemic affects the concordat commissioner’s discretion in the context of the purpose of the concordat. This should not affect its assessment of the abuse of the right. The commissioner should consider the quality of the business, the status of the borrower in terms of liquidity, the relationship of constant debt, and the existence of a causal link that can be attributed to the pandemic of COVID-19 in the context of the concordat. 

The tendency to accept some facilities in favor of the borrower in concordat and bankruptcy law should be manifested in the context of lowering the high degree of proof under Enforcement and Bankruptcy Code Article 296/ to compensate for the economic depression caused by COVID-19 in legal systems. The prohibition of termination introduced by Law No 7226 does not have any effect in terms of Enforcement and Bankruptcy Code Article 296/2.

It should therefore be possible to adjust the perpetual debt obligations, and the COVID-19 pandemic should be considered as a reason for adjusting to the circumstances of the concrete situation. In cases where the application areas intersect, a legal arrangement should be made that allows the adjusting of the contracts and the termination possibility in Enforcement and Bankruptcy Code Article 296/2, although the Turkish Code of Obligations Article 138 and Enforcement and Bankruptcy Code Article 296/2 are independent of each other.

This study focuses on the effects of the COVID-19 pandemic to the preference of the borrower between adjusting and termination and termination of perpetual debt obligations in the context of the objective of the concordat. Taking into account the discussions in the doctrine and the problems in practice, the conditions of the termination opportunity in Enforcement and Bankruptcy Code Article 296/2 have been carefully examined.


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APA

Ermenek, İ., & Kartal, B. (2020). The Effect of COVID-19 Pandemic on the Termination of Perpetual Debt Obligations within the Scope of the Concordat. Istanbul Law Review, 78(2), 485-516. https://doi.org/10.26650/mecmua.2020.78.2.0009


AMA

Ermenek İ, Kartal B. The Effect of COVID-19 Pandemic on the Termination of Perpetual Debt Obligations within the Scope of the Concordat. Istanbul Law Review. 2020;78(2):485-516. https://doi.org/10.26650/mecmua.2020.78.2.0009


ABNT

Ermenek, İ.; Kartal, B. The Effect of COVID-19 Pandemic on the Termination of Perpetual Debt Obligations within the Scope of the Concordat. Istanbul Law Review, [Publisher Location], v. 78, n. 2, p. 485-516, 2020.


Chicago: Author-Date Style

Ermenek, İbrahim, and Bünyamin Kartal. 2020. “The Effect of COVID-19 Pandemic on the Termination of Perpetual Debt Obligations within the Scope of the Concordat.” Istanbul Law Review 78, no. 2: 485-516. https://doi.org/10.26650/mecmua.2020.78.2.0009


Chicago: Humanities Style

Ermenek, İbrahim, and Bünyamin Kartal. “The Effect of COVID-19 Pandemic on the Termination of Perpetual Debt Obligations within the Scope of the Concordat.” Istanbul Law Review 78, no. 2 (Jun. 2024): 485-516. https://doi.org/10.26650/mecmua.2020.78.2.0009


Harvard: Australian Style

Ermenek, İ & Kartal, B 2020, 'The Effect of COVID-19 Pandemic on the Termination of Perpetual Debt Obligations within the Scope of the Concordat', Istanbul Law Review, vol. 78, no. 2, pp. 485-516, viewed 26 Jun. 2024, https://doi.org/10.26650/mecmua.2020.78.2.0009


Harvard: Author-Date Style

Ermenek, İ. and Kartal, B. (2020) ‘The Effect of COVID-19 Pandemic on the Termination of Perpetual Debt Obligations within the Scope of the Concordat’, Istanbul Law Review, 78(2), pp. 485-516. https://doi.org/10.26650/mecmua.2020.78.2.0009 (26 Jun. 2024).


MLA

Ermenek, İbrahim, and Bünyamin Kartal. “The Effect of COVID-19 Pandemic on the Termination of Perpetual Debt Obligations within the Scope of the Concordat.” Istanbul Law Review, vol. 78, no. 2, 2020, pp. 485-516. [Database Container], https://doi.org/10.26650/mecmua.2020.78.2.0009


Vancouver

Ermenek İ, Kartal B. The Effect of COVID-19 Pandemic on the Termination of Perpetual Debt Obligations within the Scope of the Concordat. Istanbul Law Review [Internet]. 26 Jun. 2024 [cited 26 Jun. 2024];78(2):485-516. Available from: https://doi.org/10.26650/mecmua.2020.78.2.0009 doi: 10.26650/mecmua.2020.78.2.0009


ISNAD

Ermenek, İbrahim - Kartal, Bünyamin. “The Effect of COVID-19 Pandemic on the Termination of Perpetual Debt Obligations within the Scope of the Concordat”. Istanbul Law Review 78/2 (Jun. 2024): 485-516. https://doi.org/10.26650/mecmua.2020.78.2.0009



TIMELINE


Submitted16.06.2020
Accepted04.09.2020
Published Online16.10.2020

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