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Insolvency & Restructuring

22 March 2019
Barış Ertekin Financial distress and board of directors' liabilities

Turkey - Selvi & Ertekin

Pursuant to Article 376/3 of the Commercial Code, where there are signs that a company is in financial distress, its board of directors should prepare an interim balance sheet. If the balance sheet verifies that the company is in financial distress, the board should notify the first-instance commercial court where the company is headquartered and request a bankruptcy declaration. Directors of boards which fail to follow these steps could be held civilly or criminally liable.

Authors: Barış Ertekin, Canset Birgül
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