A company's articles of association may stipulate a specific term, meaning its termination is planned after a certain period. Furthermore, closure may become necessary due to financial difficulties. Typically, a company in Turkey is terminated by a shareholder resolution, the opening of insolvency proceedings, the failure to achieve the company's purpose, a merger with another company, or a corresponding court order.
Following the dissolution of the company, liquidation is carried out by liquidators, who are appointed by the articles of association or by a resolution of the shareholders' meeting. After the liquidation, the company is removed from the commercial register.
As Turkish attorneys, we advise you on all aspects of Turkish corporate law – from company formation to liquidation.
