By Majlinda BEU
These days Turkish Parliament Justice Commission has handled the draft of Turkish Trade Law referring the execution and enforcement bases of this draft.
This draft arranging the execution and enforcement of New Turkish Law consisted of 1535 articles which is going to revoke Turkish Trade Law of year 1957, settles the circumstances of effective and new law applications.
With regard to this draft, if New Trade Law brings out any profit for the first time or different than the old law, new clauses will be applied for any case or legal accuse arisen even during time of the law in force. New Trade Law will be applied for those cases eventuated during law in force but their rights have yet not been effectual on the dates of coming into force of New Trade Law.
Regarding the Sea Trade and Insurances legal cases, they will be transferred to Trade Courts of First Instance within one month pursuant to enforcement of New Turkish Trade Law.
Bank Loan Contracts are changing
Current account contracts which predict the enforcement of compound interest by enclosure of interest to principal capital, will be changed within 3 months pursuant to enforcement of New Turkish Trade Law.
By some amendments on Current account contracts, bank loan contracts and other contracts which combine current account terms, provisions effective on compound interest and related clauses will be taken out.
Turkish Accounting Standards
In accordance with the new law draft, all the foreign companies that need to affiliate in Turkey and also all Turkish companies that need to be transferred to another country, should execute Turkish Accounting Standards for financial tables arrangements starting from 1 January 2009 or for the pursuant account periods, accordingly.
Hundreds of companies will be liquidated
With the enforcement of New Turkish Trade Law, hundreds of unactive joint-stock and limited companies will be ended to liquidation.
All the joint-stock and limited companies that are abrogated with the reason of non increase of capital to minimum amount during statutory period or that are terminated for any reason but their liquidation is not completed or stopped and the ones that do not show any activity, will be liquidated and erased from Turkish Trade Companies Registration. The procedures and methods of the abovementioned companies’ determination will be arranged with a declaration of Trade and Industry Ministry.
After liquidation completion and cancellation from Turkish Trade Companies Registration, all joint-stock and limited companies’ assets will be transferred to Treasure automatically.
Related Acts and Regulations within 1 Year
Public Acts and Regulations that will be amended regarding New Turkish Trade Law clauses, will be published at Turkish official gazette within 1 year.
skip to main |
skip to sidebar
