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three times per week in the Trade Registry Gazette and on the website
of the company as stipulated under the articles of association. The sec-
ond paragraph of this article states that the receivables of the creditors
who did not notify their receivables shall be deposited in a bank
account to be determined by the Ministry of Customs and Trade.
Article 543 of the New TCC regulates how the distribution fol-
lowing the liquidation shall take place. Pursuant to this article, the
remainder assets of the company in liquidation following payment of
its debts and the refunding of the share value to the shareholders, shall
be distributed to the shareholders in proportion to the capital share they
paid for and their privileges, unless stipulated otherwise under the arti-
cles of association. In case a privilege for liquidation share is stipulat-
ed, the provisions of the articles of association shall apply. Thus, the
New TCC regulates that firstly the paid-up share values shall be reim-
bursed, and consequently, the remaining asset shall be distributed in
proportion with the paid-up capital and privileges of the shareholders,
unless regulated otherwise under the articles of association.
Following the completion of the liquidation, the ledgers and the
documents including those related to liquidation shall be kept pursuant
to Article 82 of the New TCC which regulates principles of keeping the
documents and the term that the documents shall be kept. Upon the
completion of liquidation, the trade name shall be deleted from the
trade registry upon the request of the liquidators and, upon request; this
deletion shall be registered and announced.
Pursuant to Article 546 of the New TCC, the disputes between the
shareholders and liquidators shall be resolved under simplified pro-
ceedings. The court shall resolve within 30 days. Thus, the disputes
shall be resolved quickly and the decision will be available within a
determined term.
Additional Liquidation
New TCC introduces two new concepts with regard to liquidation.
Article 547 of the New TCC regulates the additional liquidation.
Pursuant to this article, in case an additional liquidation is deemed nec-
essary following the closing of the liquidation proceedings, the last liq-
uidators, BoD members, shareholders or creditors may request from
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