Duties of the Liquidator are designated at the related articles of the new Turkish Commercial Code. Liquidators are obliged to use appointed authorities in person and cannot transfer them to third parties. However, in the event that there is more than one liquidator, one of the liquidators may appoint the other or a third party to execute specific issues or transactions. Liquidators represent the company regarding outer relations and at courts. Plus, they may appoint lawyers, make agreements and take parts at arbitration proceedings. In case the liquidator is an attorney himself, he may appoint himself as the attorney of the company.
Duties, Responsibilities and Rights of Liquidators According to New Turkish Commercial Code
A-Duties and Responsibilities
1- Duty to Apply Shareholder Resolution (Art.267)
2- Acting together (Art.278)
3- Responsibility to Present (Art. 280)
4- Keeping Company Books (Art.287)
5- Duty to Keep (Art.290)
6- Duty to invest Money into money (Art.296)
7- Duty to pay debts (Art.297)
8- Distribution following liquidation (Art.298)
9- Duty to notify the trade registry of the end of liquidation (Art.303)
10- Responsibility to answer to Shareholders (Art.301)
11- Duty to act as prudent merchant (Art.286)
B- Rights and Prohibitions
1- Wage (Art.284)
2- Prohibition to transfer rights and appointing attorney (Art.279)
3- Preemption right on receivables (Art.271)
4- Prohibition to initiate new transactions (Art.292)
