ERDEM-NEWSLETTER-2018-metin

60 NEWSLETTER 2018 Amendments on Capital Loss and Insolvency* Att. Melisa Sevinc Atilganer Introduction Various amendments have been introduced into Article 376 of Turkish Commercial Code No. 6102 (“TCC”) through the Commu- niqué on Procedures and Principles on the Implementation of Article 376 of Turkish Commercial Code No. 6102 published in the Official Gazette dated 15.09.2018 and numbered 30536 (“Communiqué”). Although the new implementation on exclusion of foreign exchange losses arising from unfulfilled debts from the calculations to be made within the scope of Article 376 of the TCC is the most discussed amendment, various other amendments, including certain principles adopted in practice are introduced through the Communiqué. Within this study, amendments and explanations introduced through this Communiqué will be evaluated separately in accordance with the structure of Article 376 of the TCC. When Half of the Total of the Capital and Legal Reserves are Uncovered Pursuant to Article 376/1 of the TCC, in the event that half of total capital and statutory reserves appear to be uncovered from the final annual balance sheet, the board of directors shall immediately invite the general assembly to the meeting and present the remedial measures it deems appropriate. Details of “remedial measures” to be submitted by the board of directors were not included in Article 376 of the TCC. In addition to the regulation stipulated concerning submission of remedial measures, * Article of September 2018