Technical bankruptcy, as it is known in practice, is described
as 'loss of capital and/or excess of liabilities over
assets' of companies (joint stock companies, limited companies
and limited partnerships divided into shares). Its legal basis is
found in Article 376 of Turkish Commercial Code numbered 6102 and
its elements and provisions are regulated in the following
provisions of the specified article. In addition, a Communique
(Communique on Procedures and Principles regarding Practice of
Article 376 of the Turkish Commercial Code No. 6102) was issued to
regulate the procedures and principles to be followed in these
cases by Ministry of Commerce.
In this article, we will be making an examination for our
readers about in what circumstances a corporation will be accepted
within the scope of Article 376 of the Turkish Commercial Code No.
6102 and the actions to be taken in that state.
