CHANGE OF TERM OF THE LIQUIDATION PERIOD FROM SIX TO THREE MONTHS
The Omnibus Law numbered 7341 on the Amendment to Law on the Foundation and Duties of the Turkish Exporters Assembly and the Exporters’ Associations and to Certain Laws (in Turkish, “Türkiye İhracatçılar Meclisi ile İhracatçı Birliklerinin Kuruluş ve Görevleri Hakkında Kanun ile Bazı Kanunlarda Değişiklik Yapılmasına Dair Kanun”) has entered into force with its publication in the Official Gazette dated 6 November 2021 and numbered 31651.
Through various amendments made on different laws, the change in article 543 of
the Turkish Commercial Code is notably significant.
As per the amendment, for the companies entered into liquidation, the legal period that has to be elapsed after the third (3rd) announcement made to the creditors in order to distribute the remaining assets of the company has been determined as three (3) months instead of six (6) months as previously.
With the new regulation, companies will be able to resolve a decision at the end of liquidation by holding a general assembly meeting after three (3) months as of the third call to be made to the creditors at the trade registry gazette. However, current registered liquidation processes cannot be shortened with the new regulation.
Accordingly, the assets of the company and the paid-up capital will be shared with the shareholders in a shorter time with the general assembly resolution at the end of the liquidation.
Our Law Firm remains at your disposal for any further clarifications or assistance you may need about the subject matter.