The sole shareholder of the incorporated company who is a foreign legal entity went bankrupt with a court decision. What happens to the incorporated company in this case? Should it be closed immediately by applying to the commercial court of first instance due to bankruptcy?

If the company abroad was closed due to bankruptcy, a lawsuit should be filed at the commercial court of first instance to liquidate the company and assign a liquidator. If the company abroad is not closed yet, the general board may take the decision of liquidation.

Source: İSMMMO
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

If the employer rejects to employ the employee back within 1 month following the court’s re-employment decision, s/he will be subject to pay compensation to the employee in the amount of 4 to 8 month’s wage. The court or the special referee also decides on how much compensation the employer would be subject to pay if s/he rejects to abide by the decision. The employee will be paid 4 months of wage at most and also his/her other rights for the period where s/he was not employed during the decision process.

Source: Ministry of Labor and Social Security
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

1- How squeezing out is carried out in the Industry Trade Co. Limited?

Company Agreement is able to give the right to squeeze out to the partners, and to entail this right. Every partner can sue the other in the evidence of justifiable reasons. Court can decide other precautions with the aim of freezing the rights lawfully begotten in order to guarantee the partner’s situation.

2- WHAT IS THE DUTY OF MANAGERS IN CASE OF PARTNERS FILEING SUIT?

In the case that one of the partners wants to withdraw from partnership and file suit with justifiable reasons, manager or managers have to inform the other partners.

3- WHAT SHOULD BE DONE IN CASE OF WITHDRAWING FROM PARTNERSHIP?

Each partner has the right to inform the managers that he will withdraw from partnership too and to participate in the court with justifiable reasons within a month since they were informed.
*** All partners will be subjected to the equal treatment,

***This provision will not be executed in the case of one of the partners is squeezed out of the company with a justifiable reason.

4- HOW SQUEEZING OUT DECISION IS TAKEN?

4.1- In company agreement, the reasons that one of the partners can be squeezed out can be predicted.

4.2- The partner can appeal against within 3 months after his information of the case via notary.

4.3- All rights reserved regarding the partners’ squeezing out of the company depending upon justifiable reasons.

Source: Turkish Trade Law
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

2- WHO IS THE DEBTOR OF NEGOTIABLE INSTRUMENT?
2.1- Debtor of negotiable instrument is supposed to pay it in exchange for the delivery of document.
2.2- Debtor can clear debts by making payment to supplier in accordance with nature of the document when it is due (as long as there is no deception or gross fault).

3- TRANSER OF NEGOTIABLE INSTRUMENTS IN GENERAL
3.1- It is required to transfer the possession in the document in order to transfer negotiable instrument with the intention of gaining a possession or a limited real right.
3.2- Furthermore, it is needed to have an endorsement for order instrument and a transfer statement for registered certificate. This statement can be written on either a negotiable instrument or a separate paper.
3.3- It can be requested with law or agreement that others especially debtor should participate in transfer.

4- CAN A NEGOTIABLE INSTRUMENT BE ENDORSED?
4.1- In all cases, it can be endorsed in line with provisions related to policy’s endorsement.
4.2- It is enough to make endorsement and transfer the possession of document.

5- HOW TO ENDORSE NEGOTIABLE INSTRUMENT?
Endorser’s rights are transferred to the endorsee with the endorsement and transfer of possession, not otherwise specified in content or nature of all transferable negotiable instruments, documents.

6- IS IT POSSIBLE TO CHANGE TYPE OF DOCUMENTS?
In order to change type of documents;
6.1- Registered document or order instrument can be turned into bearer securities with the consent of all persons having rights and debt burden. This consentment should be directly written on document.
6.2- The same rule is valid in the matter of turning bearer securities into registered documents or order instrument. If one of debtor or a rightholder does not give consent for the last case, this change inure between supplier who make this change and the person being the successor to his/her rights.

7- CAN A NEGOTIABLE INSTRUMENT BE DECERTIFIED?
7.1- A court has a right to decide that a negotiable instrument can be decertified on condition that it is lost.
7.2- If a negotiable instrument is lost or when it is revealed that it is lost, the person who has a claim on the document can decide to decertify it.

8- WHAT ARE THE PROVISIONS TO DECERTIFY NEGOTIABLE INSTRUMENT?
8.1- In the event of decertification, rightholder can assert his/her claim without document or can demand to prepare a new document.
8.2- Apart from that, special provisions are applied to various kinds of negotiable instruments.

***Special provisions related to various kinds of special instruments are reserved.

Source: Turkish Commercial Code

Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.