Amendment on the Communiqué on Article 376 of the TCC
Through the Communiqué on the Amendment Regarding the Communiqué on the Procedures and Principles Regarding the Application of Article 376 of the Turkish Commercial Code No. 6102 (“Communiqué”) published in the Official Gazette dated November 8th, 2022 and No. 32007, essential amendments are introduced for the calculation method of technical insolvency & bankruptcy.
Accordingly, (i) all foreign exchange losses arising from the foreign currency obligation and (ii) half of the total expenses arising from rents, amortizations, and expenses of employees accrued by 2020 and 2021 may be disregarded during the calculations made for the determination of technical insolvency and/or bankruptcy situations until January 1st, 2024. The former application period was until January 1st, 2023.
The Communiqué enters into force on the date of its publication (November 8th, 2022).
All rights of this article are reserved. This article may not be used, reproduced, copied, published, distributed, or otherwise disseminated without quotation or Erdem & Erdem Law Firm's written consent. Any content created without citing the resource or Erdem & Erdem Law Firm’s written consent is regularly tracked, and legal action will be taken in case of violation.
Other Contents
Significant Amendments are Introduced to the Enforcement and Bankruptcy Law