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Company Liquidation in Turkey

August 17, 2012, 3:16 pm
BridgeWest

BridgeWest handles all steps required for company liquidation in Turkey . Please contact us via email or phone for appointing a liquidator to carry on the company dissolution, submitting the required application forms, dealing with the Court, closing the company's bank account or any other necessary activities for closing a business in Turkey.  

The Turkish Commercial Code is regulating the activities related to the companies liquidation in Turkey.

According to it, the decision of company liquidation is taken by the members of the company during a general meeting and the company is represented in the future by an appointed person, called liquidator.

The name of the liquidator along with the decision of starting the liquidation must be registered in the Trade Registry. A liquidator appointed by the General Assembly has its powers limited by it. The General Assembly may dismiss the liquidator, unlike the one appointed by a competent Court, which may be dismissed only by it.

At the beginning of the company liquidation procedure, the situation of the Turkish company is analyzed and a balance sheet along with an inventory statement are issued. These reports are presented in front of the General Assembly and if approved, the liquidator may begin the liquidation procedure.

The company must use in all its future activities its name followed by the termination “in liquidation”.

All the company’s documents are handed to the liquidator and all the creditors are invited to submit their claims.

If a known creditor doesn’t submit his claim in the specific period of time, the amount necessary to cover that claim is deposited to an administrative authority designated by the liquidator.

If the debts are higher than the company’s assets, the liquidator must fill a petition of bankruptcy and hand it to the proper commercial court.

The duration of a company liquidation process may take several years in Turkey, so it’s necessary to elaborate an intermediary balance sheet and reports regarding the liquidation status. All these are handled by the liquidator. These documents must be presented in the annual general meetings.

The liquidator is responsible for covering the claims; pay all the company’s debts but also recovering the company’s debts.

After covering in full all the claims, the liquidator may divide the remaining assets among the shareholders according to their contribution in the company and according to the rights attached to their shares if not stipulated otherwise in the Articles of Association.

A last general meeting is summoned and the last balance sheet and a report regarding the termination of liquidation are presented by the liquidator.

As a result, the company’s name is deleted permanently from the Trade Register and all the company’s books and documents are handed to a public notary designated by the liquidator to be kept for a period no shorter than 10 years.

The liquidator is then dismissed and paid for its contribution.




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