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Articles contributed by Güner Law Office
A Long-Forgotten Capital Markets Tool for Construction Sector: Real Estate Certificates
The lack of harmonisation among the various laws addressing PPPs
The long authorisation process
The numerous legal challenges to the relevant tenders
The lack of unity of approach and lack of real “private law spirit” in the Implementation Contracts (“IC”)
The Influence of the Draft Amendment to the Patent Act on the Protection of Biotech Patents in Taiwa
According to the current Article 24 of the Taiwan Patent Act, animal varieties and plant varieties are not patentable subject-matters.
THE EFFECT OF THE NEW TURKISH COMMERCIAL CODE ON ACQUISITION FINANCE AND PRIVATE EQUITY INVESTMENTS:
The effect on acquisition finance
With the enactment of the new TCC, a prohibition with respect to financial assistance has been introduced into Turkish law for the first time. Article 380 of the new TCC prohibits the provision of an advance, loan or security by a company for the purpose of the acquisition of its own shares by a third party.
In parallel with the rapid growth in the Turkish insurance sector, there have been major changes to the Turkish insurance legislation in the last few years. The Insurance Supervision Law which regulated insurance activities for 47 years has been replaced with Insurance Law No. 5684 (the Insurance Law) in 3 June 2007. In addition to the Insurance Law, there are specific pieces of legislation regulating the activities of individual professions in insurance industry (e.g. brokers, loss adjusters, etc.) and different types of insurance (e.g. life insurance, reinsurance, etc.).
The Turkish economy entered into a financial crisis in November 2000 and in February 2001 the crisis peaked and triggered a collapse in the value of the Turkish Lira. Over a few days, the Turkish Lira lost more than 40 percent of its value against the major trading currencies and interest rates rose spectacularly overnight. As result of this crisis a significant number of Turkish companies became bankrupt.
The law governing Turkish Insolvency procedures known as the Execution and Bankruptcy Law (the EBL) (Icra Iflas Kanunu) has in previous years been amended twice and has introduced new procedures for ailing companies. In this article, we will take a look at these procedures.
In this paper we focus on the renewable energy potential of Turkey. Currently electricity is mainly generated in Turkey using thermal power plants (which consume coal, lignite, natural gas and fuel oil), geothermal energy and hydro power plants. Turkey has no large oil and gas reserves. The main indigenous energy resources are lignite, hydro and biomass. Accordingly, Turkey has to adopt new, long-term energy strategies to reduce the proportion of fossil fuels in primary energy consumption. Turkey has also taken another recent step which is consistent with its current long-term energy strategies by announcing that it will sign up to the Kyoto Protocol. By doing so, Turkey will commit to cut greenhouse gas emissions, demonstrating its commitment to "clean" technology. The development and use of renewable energy sources and technologies is increasingly becoming vital for the sustainable economic development of Turkey. The most significant developments in renewable production have been observed in wind, hydropower and geothermal energy production.
The acquisition of a real property in Turkey by a Turkish company with a foreign shareholding (a Foreign-Owned Company) was thrown into confusion by a decision of the Turkish Constitutional Court on 11 March 2008. This decision repealed article 3(d) of the Foreign Direct Investments Law No. 4875, which allowed a Foreign-Owned Company to buy real property in Turkey on the same basis as Turkish companies with a Turkish shareholding. The decision became effective on 16 October 2008.