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ARTICLE · 07 DECEMBER 2018

New Rules On Technical Bankruptcy In Turkey

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COMMUNIQUÉ ON PROCEDURES AND PRINCIPLES ON IMPLEMENTATION OF ARTICLE 376 OF THE TURKISH COMMERCIAL CODE NO. 6102 ("COMMUNIQUÉ") ENTERED INTO FORCE

TurkeyInsolvency/Bankruptcy/Re-Structuring
Deniz Senvar Pekin
Deniz Senvar Pekin
Cemre Güler
Cemre Güler
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COMMUNIQUÉ ON PROCEDURES AND PRINCIPLES ON IMPLEMENTATION OF ARTICLE 376 OF THE TURKISH COMMERCIAL CODE NO. 6102 ("COMMUNIQUÉ") ENTERED INTO FORCE

Article 376 of Turkish Commercial Code ("TCC") regulates the obligations of companies in the events of loss of capital and insolvency which are also commonly known as "technical bankruptcy". The Communiqué regulating the procedures and principles on the implementation of Article 376 of TCC has been promulgated in Official Gazette dated 15 September 2018 and numbered 30536 and entered into force. Communiqué explains the ways of determining the event of and remedies for the financial difficulty of companies. Article 376 provides that in the event the capital and two-thirds of the sum of a company's share capital and legal reserves are lost due to previous years' loss as per the balance sheet, the board of directors is obliged to call a general assembly for meeting immediately. It seems that the main purpose of the

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