Liquidation Processes

 

 

Liquidation has the meanings of treatment, sorting, cleaning and closing the account. Liquidation is the closing of all accounts of the company which has ended its activities for any reason. Limited companies are terminated with the decision of the assembly of shareholders or with the conditions written in laws and articles and incorporation of the company. When the capital companies are disolved by reasons other than bankruptcy, the condition shall be registered and announced by the board of shareholders. The date of registration of dissolution in trade registry is the date of starting of liquidation. The liquidation period starts at the termination or dissolution date and continues until the deletion from trade registry of company record. The legal entity will terminate when it is deleted from the trade registry.

 

The companies shall terminate as one of the conditions stated below is realized;

- In case the expiration of determined company term if it is determined in the articles of incorporation,

- In case the company capital is reduced by two thirds and the assembly shareholders is settled with the remainder or no decision is taken to complete the deficit part of the capital,

- In case the bankruptcy of the company is decided,

- In case the company is merged with another company,

- In case the termination of the company is requested by court order,

- In case the company fulfills its purpose or its purpose becomes impossible to fulfill,

- In case the number of shareholders decreases to one or increases more than 50,

- In case the assembly of shareholders decides to liquidate the company; the company shall be liquidated.

 

All these processes shall be realized by assignment of a liquidation officer by us or by the directions of our opinions..

 

 

 

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