Abstract :
The purpose of this article, is to examine in particular the changes brought by the New Turkish Commercial Code and is to address the legal issues likely to arise in relation to these. In this aspect, the subject will be treated under four main headings which are partner’s exit, participation to ongoing exit, partner s expulsion and calculation and payment of the allowance based on the systematics of the Turkish Commercial Code.In the Former Turkish Commercial Code “the exit and the expulsion of the partner from the limited liability company” was regulated only in one article, while in the New Turkish Commercial Code, the issue is regulated in a manner quite detailed, in articles 638-642.There are several amendments on the exit right of the partner. The main change is that the New Code envisages the right to request a preliminary injunction during the case. Another important change on the exit right, is that the institution of participation of others to ongoing exit is regulated quite detailed. Besides these changes, the Former Turkish Commercial Code system based on both contractual right to exit and law suit of exit based on just motifs is exactly preserved. One of the major changes with respect to expulsion of the partner, is that the company has been given the possibility to regulate in the company agreement a contractual exclusion of the partner. In addition, the excpelled partner has been given the right to file a law suit for the annulment against the exclusion decision issued on the partner.Another important amendment is that the calculation and payment of an allowance to the outgoing partner for his shares, is regulated in detail.
NaturalLanguageKeyword :
Exit right , expulsion of the partner , limited libality company , participation to ongoing exit , calculation and payment of the allowance
