The restructuring files of companies in financial difficulty are translated in their entirety where there are foreign creditors. Time limits are short, the parties are many and the documents are tied to one another. A date or an amount carried over wrongly directly affects a creditor's right.
Application
The debtor's financial position and the period requested are stated. Financial statements are annexed to the application. The list of annexes is numbered.
Preliminary plan
A proposal on how the debts will be paid is presented. The payment ratio and the due dates are stated. This section is the first place creditors look.
Provisional moratorium
The court may grant a provisional moratorium (geçici mühlet), and enforcement proceedings stop. The date and duration of the decision are critical. The dates are given prominence.
Appointment of the commissioner
A commissioner (komiser) is appointed to supervise the process and prepares reports. The commissioner's reports generate regular translation work. The structure of the report is kept.
List of creditors
Each creditor's name, the amount and the nature of the claim are listed. The list has many lines and the amounts are carried over exactly. The currency is not converted.
Classification of claims
Secured, privileged and ordinary claims are distinguished. The class determines the order of payment. The class names are tied to legislation.
Filing of claims
Creditors file their claims together with supporting documents. The filing petitions and their annexes are translated. The time limit is strict.
Objection and examination
Objections may be raised against the claims filed. The grounds for objection are stated one by one. The grounds are not summarised.
Definitive moratorium
If the conditions are met, a definitive moratorium (kesin mühlet) is granted. The duration and the conditions for extension are written in the decision. The text of the decision is carried over exactly.
The concordat plan
The final plan sets out the payment schedule in detail. A ratio and a due date are given for each class. The tables are part of the translation.
Creditors' meeting
The plan is put to the vote and minutes are taken. The numbers of votes and the ratios are recorded. The quorum calculation rests on these figures.
Confirmation decision
If the court confirms the plan, it becomes binding. The decision is served together with its reasoning. The information on legal remedies is kept.
Restructuring agreements
A separate framework agreement may be concluded with the banks. Maturity, interest and security terms are set out. The terminology is kept the same as in the loan agreements.
Security arrangements
What happens to the existing security and any new security are stated separately. Pledge and mortgage transactions are documented. The ranking information is kept.
Monitoring reports
Compliance with the payment schedule is reported regularly. Deviations are shown separately. The report format is fixed.
Foreign creditors
Service on creditors abroad is effected through international channels, and the time needed grows longer. Translation of the documents is a condition of service. The schedule is built accordingly.
Confidentiality and publicity
Part of the process is announced by public notice and part is confidential. Which document falls into which category is marked. The marking is kept in translation.
Deadline discipline
In these files every step is tied to a time limit, and the time limits are set by the court. A delay in translation can turn directly into a loss of rights. The schedule is built backwards from the court's calendar.