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NEWSLETTER 2011
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as well. However, the limited number foreseen for conversion of type,
likewise to the division, may result in constraints in practice and may fail
to meet certain necessities.
The New TCC introduces new procedures such as the operation
auditor and the setoff payment. By foreseeing the possibility to omit the
examination, audit and report procedures in small scaled companies, the
division and conversion of type transactions are facilitated. Therefore,
through specific provisions foreseen for small scaled companies, the
restructuring transactions for such companies are facilitated, rendered
less expensive and are encouraged. Furthermore, it may be argued that
minority rights are protected through aggravated quorums.
As a result of all these changes, without a doubt, the division and
conversion of type transactions are systemized, and their effective
implementation has been achieved.