376 / 522
(2) Along with the opportunity to retrieve their receivables
from the dividend or liquidation profit, the creditors of a
stock company may request the documented or undocu-
mented shares to be seized and liquidated in accordance
with the provisions relating to the movables under the
Bankruptcy and Enforcement Law dated 09.06.1932 and
numbered 2004. The seizure is registered in the share
ledger upon request.
(3) Furthermore, in all commercial companies, the creditors
shall have the power to retrieve their receivables from the
company’s shareholder’s receivables and seize the afore-
said.
(4) The provisions above shall not prevent the creditors from
taking action on the properties of the debtor shareholders
outside of the company.
In the preamble of the provision, by using the phrase “stock com-
pany,” the provision is regulated to include limited liability companies.
Thus, this provision eliminated ambiguities arising from the abolished
Turkish Commercial Code numbered 6762, and clearly stipulated the
conditions through which the seizure and liquidation shall be carried
out.
In respect thereof, the Decision of the Court of Cassation 12th
Civil Chamber 2013/7955 E. 2013/17423 K. is as follows:
“
In accordance with Art. 145 of the TCC, a personal creditor
of a limited liability company shareholder shall take his pay-
ment from the personal property of the shareholder, from the
dividends that belong to that shareholder in accordance with
the financial statements of that company, or from the liquida-
tion profit, if the company is liquidated. TCC numbered 6762
regulates the enforcement conditions in limited liability com-
panies under Art. 522 and 523. In the face of such regulations,
it is clear that the shares are not directly seizable due to the
personal debt of a shareholder, only the dividend, and for
pecuniary claims if the company is liquidated, the liquidation
profit of the shareholder is seizable. Pursuant to Art. 522 of the
TCC numbered 6762, the right of the creditor to seize the lim-
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NEWSLETTER 2015