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Commonly referred to as “Technical Insolvency,” this concept is regulated under Article 376 of the Turkish Commercial Code (“the Code”) under the heading “Loss of Capital, State of Insolvency.” The provisions of the article define the circumstances of capital loss and insolvency for companies and set forth the procedures to be followed and the measures that may be applied in such cases.

When a creditor applies to the enforcement office, either orally or in writing, for the recovery of a debt, if the subject of the enforcement is based on a promissory note, the date and summary of the note must be included in the enforcement request...