The duties, obligations and liabilities of liquidators who play
a major role in the dissolution and liquidation of companies are
briefly explained below.
Liquidators, Their Duties and Obligations
The duties to be performed by liquidators are determined in the
relevant articles of the Turkish Commercial Code (TCC). In
principle, liquidators shall exercise their authority themselves
and cannot transfer their authority to third persons. However, in
case there is more than one liquidator, a liquidator may grant
representative authority to his co-liquidator or to a third person
for the purposes of fulfillment of some specific transactions (TCC
Art. 539/1).
Liquidators represent companies with regard to the issues on
liquidation before courts or in external relations. In this
respect, they can appoint attorneys, conclude settlement
agreements, or bring the dispute to arbitration.
