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With the recent amendments to the Commercial Code from September 27, 2024 (Official Gazette, issue 82/27.09.2024), a fast liquidation procedure has been introduced. The purpose of this procedure is to allow companies that have not conducted any business in the last 12 months to be liquidated more quickly and easily, as opposed to the “regular”…
A company undergoes liquidation, a legal process where it stops existing and distributes its assets to creditors and shareholders or partners. The company or relevant authorities can initiate this process voluntarily or compulsorily, and they must follow a series of legal and administrative steps to properly close the company’s operations. Types of liquidation: The liquidation…
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