1. Voluntary Termination and Initiation of Liquidation Procedure

Under Turkish law, the termination of a corporation may be due to various reasons (e.g., merger, division, voluntary termination). In case of voluntary termination, a general assembly resolution for the termination is required. If and when a corporation decides on the termination voluntarily, the liquidation procedure must be initiated and exhausted.

Arbitration

Jurisdiction is a power of the state that is exercised through its courts. However, parties to a legal relationship may, under certain conditions, choose to submit the resolution of disputes to natural persons called arbitrators, rather than to the state's jurisdiction, through a mutual agreement.

Tahkim

Yargılama, devletin sahip olduğu ve mahkemeler aracılığıyla kullandığı bir erktir. Bununla beraber, karşılıklı mutabakat kapsamında kişilerin belirli şartlar sağlandığında uyuşmazlıkların çözümünü devletin yargısı yerine hakem adı verilen özel kişilere bırakması mümkündür.

Presidential Decree (“Decree”) No. 4420 published in the Official Gazette on 27 August 2021 has extended the deadline for debt restructuring applications by one month. Applications will now be accepted until 30 September 2021.

Introduction

Law No. 7326 (“Law”) regarding the Restructuring of Certain Receivables and Amending Certain Laws has entered into force following its publication in the Official Gazette on 9 June 2021. You can read the Law here. (Available in Turkish only).

Introduction: