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The Turkish Commercial Code (“TCC”) was adopted in 1956, inspired by arguably the best codes of its age and since then, it was only sporadically updated. An overall effort to modernize the TCC has been in progress for the past five years, and finally, the relevant Commission of the Ministry of Justice presented the “Turkish Commercial Code Draft” (“Draft Code”) for public opinion in late February 2005.

Allocation of liabilities between the parties in merger and acquisition ("M&A") transactions is of utmost significance, in order to ensure that the buyer will be sufficiently protected, and the seller's