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• The debts shall be paid and the obligations shall be fulfilled.
The liquidators are obliged to pay the company’s debts, if the
debt does not exceed company assets, which will be turned into
cash pursuant to the first liquidation balance sheet and in accor-
dance with the situation after the creditors have been paid.
• Where a company’s debts exceed its assets, the liquidators shall
immediately notify this situation to the court. If the court
decides in favor of bankruptcy, the liquidation shall be made
pursuant to the provisions of bankruptcy law.
• The transactions of liquidation shall be concluded as soon as
possible and the liquidators shall keep necessary records/books
for the good conduct and protection of transactions.
• Pursuant to the accountability principle, in case the liquidation
is not concluded within a year, the liquidators shall prepare the
financial statements relevant to the liquidation at the end of
every year. They shall also prepare the final statement at the end
of the liquidation, submit it to the general assembly and answer
questions, if any.
• The liquidators shall deposit the balance of the necessary
expenses of the company to a bank account in the name of the
company.
• The liquidators shall immediately pay debts that are not due, by
applying a discounted interest rate as for a short-term loan as
determined by the Central Bank of the Republic of Turkey.
• The liquidators shall provide information to the shareholders on
the status of liquidation transactions and must provide signed
documents in this respect, if requested.
Distribution to Shareholders (TCC Art. 543)
Following the payment of debts and the return of share prices, the
distribution to shareholders shall be realized, upon a general assembly
resolution, on the proportion of the capital they paid and their conces-
sion rights.
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NEWSLETTER 2014