Liquidation of joint stock companies within the framework of the Turkish Commercial Law no. 6102

It is possible for companies to terminate their commercial activities for various reasons. In this context, the termination and liquidation of joint stock companies are in the Turkish Commercial Code No. 6102 529-548. arranged between the items. After the company ends in a way that requires liquidation, the liquidation process launches in the company. In order to complete the activities of a joint stock company in terms of both internal and external relations, it must be liquidated. Provisions regarding the liquidation of the joint stock company prevent the rapid withdrawal of the company from commercial life, thus protecting the interests of shareholders and creditors. Therefore, this process has some effects on the company. Liquidation procedures are carried out by liquidators, who are the legal body as a rule. If the liquidators violate their obligations, they will be liable for the damages they cause. For this reason, liquidators should not engage in behaviors that prevent the collection of receivables and should take all necessary measures to protect the company's property and rights. The liquidation process, which starts with the preparation of the first inventory and balance sheet, will end with the distribution of assets and the withdrawal of the joint stock company from the trade registry. However, it is possible for the joint stock company, which is in the liquidation phase, to withdraw from liquidation and to continue its commercial activities with the decision of the general assembly, in case of certain conditions. However, if there are transactions that need to be completed despite the liquidation being closed, it may be requested to re-register the company to the trade registry.