59 / 516
Conclusion
The dispositions of New TCC concerning dissolution and liquida-
tion of joint stock companies are regulated bearing the needs and defi-
ciencies under the TCC in mind. It is clearly stipulated that the com-
pany whose term has expired shall not be dissolved in case the com-
pany continues its activities. The New TCC adopted the possibility of
dissolution under justified reasons, which was not foreseen under the
TCC. Additional liquidation and revocation of liquidation are foreseen
as new possibilities for joint stock companies in the phase of liquida-
tion. We hope that the New TCC, which is in force as of July 1, 2012
shall facilitate the dissolution and liquidation procedures.
COMMERCIAL LAW
45