Another bankruptcy ruling! Court decision issued for Alkoçlar Otelcilik AŞ

Owned by Ender Alkoçlar, the son-in-law of artist Hülya Koçyiğit, Alkoçlar Otelcilik AŞ (new title Amaç Otelcilik AŞ) had filed for a concordat. While the proceedings were ongoing, the branches of the famous hotel were closed one by one.

LIQUIDATION PROCESS HAS BEGUN

The court ruled for the company's bankruptcy on April 4. With the bankruptcy decision, the company has entered the liquidation process.

WHAT IS A CONCORDAT REQUEST?

It is a legal procedure in which debtors who cannot pay their debts when they fall due, or who are at risk of not being able to pay them on time, apply to restructure their debts by reaching an agreement with their creditors that is approved by the court.

With a concordat request, debtors gain the chance to avoid bankruptcy and continue their operations, while creditors gain the opportunity to collect at least a portion of their receivables.

News Source: 12punto