NEWSLETTER-2019-metin

41 COMMERCIAL LAW approval of the enforcement officer are taken pursuant to Article 86 of the EBL. Conclusion “If any debtor cannot pay its debts, its creditors may initiate enforcement proceedings through seizure. However, as a result of the seizure of property, the seized assets would not be taken out of the debtor’s property; only the debtor’s power of disposition on these goods is restricted. As a result of this power of disposition restriction, if there is a seizure on a debtor’s movable, the debtor cannot dispose of these assets without obtaining the consent of the creditor and approval of the enforcement officer, and the opposite action of the debtor leads to its criminal liability (EBL Art. 86/I). Apart from this criminal liability, the outcome of the transaction of the debtor who disposes the seized movables is also significant. The result of such a procedure foreseen by the legislator is relati- ve invalidity. More clearly, the rights acquired by the ones who made a transaction on the seized movable, are not enforceable against the creditors who stipulated the seizure to the extent that they cause damage to them. Therefore, the right of third parties acquired after the seizure comes after the creditors who stipulated the seizure take their receivables. However, it is possible that those who do not know, and do not have to know, of the seizure; in other words, bonafide third parties, acquire rights on the property ba- sed on the provisions of possession (EBL Art. 86/II).” 12 In light of these explanations, it can be concluded that both the seized uncertificated shares pursuant to Article 94 of the EBL, and the certificated shares as per Article 86 of the EBL, may be transferred in accordance with the provisions in the related articles. 12 Yüksel Orhun , p. 2081.