378 / 522
Another reform provided by the article, as set forth in the pre-
amble of the article, is that it clarified the relevant provisions
to be applied for seizure and liquidation. Pursuant to Art.
133/2 of the TCC numbered 6102, shares of the limited liabil-
ity company’s debtor shareholder shall be seized in accor-
dance with the provisions on seizure of the movable properties
of the Bankruptcy and Enforcement Law. Accordingly, in the
event where a creditor requests the seizure of the debtor’s
shares of the third party limited liability company, the debtor’s
rights arising from the shares shall be seizure by notifying the
company of such seizure, or by notifying the company of the
seizure through the physical presence of the enforcement offi-
cer at the registered office, recording the seizure in writing in
the company’s share ledger in order to conclude the bare
seizure, and drafting a report.
Another issue to be examined is that:
In accordance with the reforms adopted in Art. 593/2 of the
TCC numbered 6102, bills with may be issued for purposes of
evidence, or they may be registered as representing the share
capital of the limited liability company. The preamble sets
forth that issuance of the registered bills representing the
share capital shall not be negotiable, and the share of a limit-
ed liability company shall not be deemed as a share of a joint
stock company. This only provides certain possibilities regard-
ing evidencing issues, and the transfer of the share in accor-
dance with the provision on joint stock companies.
In this instance, share certificates of limited liability compa-
nies shall constitute legal proof, the shareholding rights shall
not be transferred and assigned through delivery of share cer-
tificates and again, by virtue of the same reason, such rights
shall not be seized and pledged. The capital share shall not be
deemed to be acquired via acquisition of the share certificates.
The transfer of the capital share can only be performed in
accordance with Art. 595 and Art. 596 of the TCC.
Accordingly, due to the fact that the delivery of the share cer-
tificate shall not procure the transfer of shareholding rights,
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NEWSLETTER 2015