According to the Official Gazette dated November 8, 2022 and numbered 32007, the date “01.01.2023” stipulated in the provisional article 1 of the Communiqué on the Procedures and Principles Regarding the Implementation of Article 376 of the Turkish Commercial Code No. 6102 (“Communiqué“) has been amended as “01.01.2024”.

Article 376 of the Turkish Commercial Code (“TCC“) regulates the obligation of the board of directors to convene the general assembly in case loss of share capital of the company and the obligation of the board of directors to notify the court in case of insolvency. With the above-mentioned amendment in the provisional Article 1 of the Communiqué, all foreign exchange losses arising from unpaid foreign currency debt and half of the leasing expenses, depreciation, and labor expenses accrued in 2020 and 2021 may not be taken into account until 01.01.2024 while calculating the loss of share capital and insolvency status of a company as per article 376 of the TCC.

Bahar Ülgen Hasşerbetçi
Sevim Özkan
Associate | sevim.ozkan@bener.com