The Code on Amending the Code on the Establishment and Duties of the Turkish Exporters Assembly and Exporter Associations and Certain Codes numbered 7341 (“Code”) entered into force with its publication in the Official Gazette dated 6 November 2021. The Code may be accessed here (available in Turkish only).
With Article 17 of the Code, the phrase “six” in Article 543 paragraph 2 of the Turkish Commercial Code numbered 6102 (“TCC”) has been changed to “three”. This means that, for companies in the liquidation process, the waiting period for creditors after the third announcement in the Turkish Trade Registry Gazette has been reduced from six months to three months. Thus, companies in liquidation will now be able to distribute the remaining assets of the company to the shareholders and complete the liquidation process by a general assembly resolution, after three months following the announcement for their receivables, provided that all debts have been paid and legal disputes have been resolved.
This waiting period, which was one year when the TCC first came into force, was previously reduced to six months, and has now been lowered to three months. Thus, for companies that do not have outstanding or contentious receivables and debts, the process of deregistration from the trade registry by the liquidation of the company has been accelerated.
For further queries, please contact:
Dogukan Berk Aksoy, LL.M.
Attorney at Law