Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 11 MARCH 2021

A Guide For Financially Distressed Companies

ELIG Gürkaynak Attorneys-at-Law
ELIG Gürkaynak Attorneys-at-Law
Contributor
ELIG Gürkaynak Attorneys-at-Law

ELIG Gürkaynak Attorneys-at-Law

ELIG Gürkaynak Attorneys-at-Law is an eminent, independent Turkish law firm based in Istanbul. The...

View firm profile
Explore more from ELIG Gürkaynak Attorneys-at-Law

Article 376 of the Turkish Commercial Code No. 6102 pertains to the loss of capital and insolvency circumstances in joint-stock and limited liability companies, as well as the measures that must be taken to improve their financial distress.

TurkeyCorporate/Commercial Law
Gönenç Gürkaynak
Gönenç Gürkaynak
Nazli Yukaruc
Nazli Yukaruc
Selen Ermanlı Sakar
Selen Ermanlı Sakar
Author LinkedIn connections

I. Introduction

Article 376 of the Turkish Commercial Code No. 6102 ("TCC") pertains to the loss of capital and insolvency circumstances in joint-stock and limited liability companies, as well as the measures that must be taken to improve their financial distress.

In order to further illustrate the practical implementation of the Article 376 provisions, on September 15, 2018 the Ministry of Trade had introduced the Communiqué on the Procedures and Principles as to the Implementation of Article 376 of the Turkish Commercial Code ("Communiqué on Article 376") and eliminated the legal uncertainties to a great extent. On December 26, 2020, the Ministry of Trade introduced a number of amendments and new provisions to the Communiqué on Article 376 ("Amendments to the Communiqué on Article 376") and clarified the remaining points of contention.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

Turkish Competition Law Newsletter – Issue 2026/3

Turkish competition enforcement has entered a phase in which the Authority's most consequential interventions increasingly arrive before, rather than after, a finding of infringement. This Summer 2026 edition covers eight developments spanning digital markets policy, merger remedies, physical access to retail infrastructure, labour market information exchange, AI distribution channels, procedural cooperation obligations and the transition between fining regimes.
TurkeyCorporate/Commercial Law
Paksoy
Paksoy
Article

Establishing And Maintaining A Business Presence In Türkiye 2026

This article examines the establishment and continuing management of a foreign business presence in Türkiye. It compares subsidiaries, branches and liaison offices, and considers capital, corporate documentation, governance, representative authority, investment reporting, work authorisation and data protection. Judicial decisions concerning corporate organisation and management duties are considered in their relevant context. The analysis argues that the choice of vehicle should follow the proposed activity, ownership arrangements and expected life of the investment. Effective legal preparation connects incorporation with the company's subsequent compliance, financing, decision-making and exit arrangements rather than treating registration as the final objective.
TurkeyCorporate/Commercial Law
ONGUR & PARTNERS
ONGUR & PARTNERS
Article

New Rules On Shareholding Disclosures And Actual Free Float: Assessment Of CMB Bulletin No. 2026/57

The Capital Markets Board of Türkiye (“CMB” or the “Board”), through its principle decision No. i-SPK.15.2 (dated 03.09.2026 and numbered 54/1614) (“Resolution”), has lowered to 3% the minimum shareholding disclosure threshold under the Material Events Disclosure Commu-niqué No. II-15.1 (“Communiqué”). The Reso-lution will apply as from the end of the day on 11.09.2026.
TurkeyCorporate/Commercial Law
Gen Temizer Erdogan Girgin Attorney Partnership
Gen Temizer Erdogan Girgin Attorney Partnership
Article

A New Era For Children And Gaming In Turkey: Understanding Law No. 5651’s 2026 Amendments For Providers And Platforms

On April 2 2026, the Turkish Grand National Assembly’s (“TBMM”) Health, Family, Employment, and Social Affairs Commission approved a transformative set of amendments to Law No. 5651 on the Regulation of Publications on the Internet and Combatting Crimes Committed by Means of Such Publications (“Law No. 5651”), which were published in the Official Gazette of May 1, 2026.
TurkeyMedia, Telecoms, IT, Entertainment
ELIG Gürkaynak Attorneys-at-Law
ELIG Gürkaynak Attorneys-at-Law
Article

Turkish Competition Board Finds No Infringement In A101 And CarrefourSA Parallel Pricing Investigation

The investigation originated from a series of consumer complaints submitted from late 2023 onwards, which pointed to identical or closely aligned prices for products such as eggs, yoghurt, rice, butter and wafers across several national grocery retailers. The complaints also alleged that price increases were frequently implemented on the same or nearby dates.
TurkeyAntitrust/Competition Law
ELIG Gürkaynak Attorneys-at-Law
ELIG Gürkaynak Attorneys-at-Law
Article

Navigating The AXA/Denizbank Decision: The Boundaries Of Exclusivity, Non-Compete, And No-Poaching Obligations In Bancassurance Agreements

The Turkish Competition Board’s (“Board”) recent decision involving the negative clearance and exemption application of AXA Sigorta AŞ (“AXA”) concerning the Non-Life Insurance Agency Agreement (“Agreement”) concluded with Denizbank AŞ (“Denizbank”) and Deniz Finansal Kiralama AŞ (“DFK”) serves as an important decision in Turkiye’s non-life insurance and bancassurance markets (“Decision”).
TurkeyCorporate/Commercial Law
ELIG Gürkaynak Attorneys-at-Law
ELIG Gürkaynak Attorneys-at-Law
Article

Digital Transformation In Packaging: Compliance Deadlines For E-Leaflets, QR Codes, And Anti-Tampering

The Turkish Medicines and Medical Devices Agency ("TİTCK") has updated its Guideline on Packaging Information and Patient Information Leaflets for Medicinal Products for Human Use ("Guideline"), with its latest revision dated August 11, 2026. Issued under the Regulation on Packaging Information, Patient Information Leaflets and Tracking of Medicinal Products for Human Use ("Regulation"), the Guideline sets out requirements concerning pharmaceutical packaging, patient information, and product safety.
TurkeyPrivacy
ELIG Gürkaynak Attorneys-at-Law
ELIG Gürkaynak Attorneys-at-Law