The New Turkish Commercial Code Has Been Accepted In The New Year

The Draft Turkish Commercial Code (hereinafter referred to as the "New TCC") replacing the current Turkish Commercial Code (herein after referred to as the "TCC"), which went into force in 1957 and which has been in use for more than fifty years without a structural change, was accepted by Grand National Assembly of Turkey on January 14, 2011. The New TCC will enter into force on July 1, 2012. Therefore, a transition period of approximately one year and a half has been granted to enterprises and merchants in order to become familiar with the important amendments made to the TCC.

Why was a new Turkish Commercial Code needed? The reasons may be gathered under some main headings:

• Necessity of integration with the European Union, with which we continue membership talks and the need to transfer acquis communitaire into Turkish Law;