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ited liability company share of a shareholder does not include
the right to request liquidation, because, as a rule, a share
shall not be divided in limited liability companies. However,
an exception to this rule is in the transfer of shares and for
inheritance, where the share is initially divided and then trans-
ferred or inherited. Moreover, the concept of a share repre-
sents all of the rights and obligations of a company.
Art. 133 of the Turkish Commercial Code numbered 6102 reg-
ulated this differently from Art. 145 of the TCC numbered
6762. In accordance with this provision, along with the oppor-
tunity to retrieve their receivables from the dividend or liqui-
dation profit, the creditors of a stock company may request the
documented or undocumented shares to be seized and liqui-
dated in accordance with the provisions relating to movables
under the Bankruptcy and Enforcement Law dated 09.06.1932
and numbered 2004. The seizure is registered in the share
ledger upon request.
Apart from the above, in all commercial companies, the cred-
itors shall have the power to retrieve their receivables from the
receivables of the company’s shareholder and seize the afore-
said.
After such amendment, contrary to Art. 145 of the TCC num-
bered 6762, the right to seize and liquidate a shareholder’s
share in a limited company is granted to the personal creditor
of a limited liability company shareholder.
The preamble provision explains the reasoning behind the
amendment as “The second paragraph, which is dedicated to
companies with share capital and joint stock companies and
share certificates includes the phrase “stock companies;”
thus, the scope is broadened to include limited liability com-
panies and undocumented shares. Whether the seized or liqui-
dated share belongs to a joint stock, limited liability or com-
mandite company, or whether it is documented or undocu-
mented, makes no difference in terms of the implementation of
the provision.
MISCELLANEOUS
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