A range of legislative changes have been made in Turkey following the attempted coup on 15 July 2016, as well as changes to the structures and compositions of government, military and judicial bodies. Notable aspects for companies include bankruptcy suspension requests being deemed invalid during the national three month State of Emergency, as well as increased powers for guardians appointed to companies under investigation.

Bankruptcy postponement requests suspended

Turkey has updated rules related to pledges on movable assets. Notably, all future legal interests in a movable asset will now be directly covered by a pledge, together with the movable asset. If a production process is pledged together with a movable asset used in the process, the pledge will now be deemed to have been automatically established.

The Law Amending Certain Laws for Enhancing the Investment Environment number 7099 (“Omnibus Law”) was published in Official Gazette number 30356 on 10 March 2018.

Turkey has amended and clarified the requirements for collecting public receivables. Changes particularly apply to obtaining documents to show an overdue debt, calculating the limitation period, as well as deleting records. Further explanatory information is also provided for existing requirements.

The Ministry of Finance-Revenue Administration published the General Communiqué regarding Collection of public receivables in Official Gazette number 29686 on 16 April 2016.

Key changes introduced by the amendments include:

American and British directors of corporations should be mindful of the different standards of conduct, obligations, and potential personal liability when holding directorships in Turkish companies, particularly if such companies’ financial situation is deteriorating.

Conducting Business in Ukraine 2017 All of the information included in this document is for informational purposes only, and may not reflect the most current legal developments, judgments, or settlements. This information is not offered as legal or any other advice on any particular matter.

Conducting Business in Ukraine 2016 Conducting Business in Ukraine 2016 Conducting Business in Ukraine 2016 Baker & McKenzie Renaissance Business Center 24 Bulvarno-Kudriavska (Vorovskoho) St.

This article provides an overview of cases of personal civil liability of banks’ shareholders for the banks’ debts towards their creditors and liability for damages caused to banks by personal wrongful acts of their shareholders. This article describes an approach that Ukrainian courts have taken to the matter and the relevant legal principles together with mechanisms that make the liability of substantial shareholders a possibility.

Introduction

Starting from 22 September 2012, the beneficial owners (aka controllers), substantial shareholders, and senior executive officers of Ukrainian commercial banks could face personal financial liability for the insolvency of banks during liquidation. 

In yet another example of the Dubai International Financial Centre (DIFC) making its company and insolvency law even more versatile, the DIFC has introduced a mechanism which will operate in a similar manner to a scheme of arrangement under English law. The law came into effect on 12 November 2018.

Key terms

Introduction

When a limited liability company goes into liquidation, its creditors are faced with considerable uncertainty, not least over their rights to securities on loans made to the defaulter. In such cases, a number of questions arise, including the following: