UNCITRAL Expedited Arbitration Rules
Introduction At its fifty-first session in 2018, the United Nations Commission on International Trade Law (“UNCITRAL”) agreed that Working Group II should be mandated to take up issues relating to expedited arbitration.[1] As seen in many arbitral institutions, expedited arbitration rules set out simplified procedures which are aimed at reducing the time of proceedings as …
The Start of the Legal Period for Electronic Notifications in the Light of Judicial Decisions
Electronic notification to certain persons, including attorneys registered with the Bar Association, has become obligatory in accordance with the Article 7/a of the Notification Law numbered 7201 (“NL”). The procedures and principles regarding electronic notification are outlined in the Electronic Notification Regulation (“Regulation”) in the Official Gazette dated 6 December 2018 and numbered 30617.
Tax Consequences of Failure to Fulfill Capital Commitment Payable
Trading companies are established with the capital that the founding shareholders have committed to put into the company; this capital is essential for the establishment of trading companies. It is the most important financial duty of the shareholders to provide the capital they have committed to bring to the company in full and on time. …
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Null and Void Resolutions of the General Assembly in Joint Stock Companies
Introduction In general, cases of invalidity of general assembly resolutions fall into the categories of non-existence, nullity and annullability. The scope of this Newsletter is limited to null and void resolutions of general assemblies established under Article 447 and related provisions of Turkish Commercial Code No. 6102[1] (“TCC”).
General Assembly Summons Lawsuits
Introduction Pursuant to Turkish commercial law legislation, the ordinary general assembly in joint stock companies shall be held within three months following the end of each fiscal year.[1] According to Turkish Commercial Code numbered 6102 (“TCC”), the authority (Article 410 of the TCC) and duty (Article 375 of the TCC) to convene the general assembly …
Settlement Regulation Enters into Force
Introduction The first steps towards introducing settlement as a practice in Turkish competition law were taken in June 2020 in line with the amendments to Law No. 4054 on the Protection of Competition (“Law No. 4054”).[1] This brings Turkish competition law into line with that of the European Union and many other countries.[2] The details …
Institutionalization in Family Businesses and Family Constitution
Introduction It is a well-known fact that the majority of companies operating in Turkey and around the world are family businesses, and few of these companies are able to transfer their assets to future generations. In order for a family business to successfully manage this, it is necessary and substantial to establish a solid corporate …
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Dispute Resolution in the Digital Age
Introduction Arbitration has benifited from a great increase in the use of technology which has directly effected the conduct of proceedings. More particularly, with digitalization, the way that we conduct arbitration proceedings has been changed to reflect the current needs of parties, with an aim of increasing time and cost efficiency. In line with these …
Articles of Association in Family Businesses
Introduction Family companies, basically, are commercial companies in which the company shares or the authority to manage the company belong to various members of a family. The main criteria that may be used to identify family companies are one or more of the following elements: either the majority of the shareholders are family members, family …
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A New Player in Liability Law: Artificial Intelligence
Introduction The use of artificial intelligence is increasing day by day and this technology is starting to play an active role in our lives. In addition to the use of artificial intelligence in common products such as smartphones, 3-D printers or drones, there are advanced technology breakthroughs that demand our attention. Unmanned aerial vehicles, self-driving …
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