Extension of the Duration for Technical Bankruptcy Calculations

The Communiqué Amending the Communiqué on the Procedures and Principles Relating to Implementation of Article 376 of Turkish Commercial Code numbered 6102 (“AmendmentCommunique”) has been published in the Official Gazette dated 25.12.2024 and numbered 32763. As per the Amendment Communiqué, the duration for calculations of technical bankruptcy that may arise from exchange rate fluctuations has been extended from 01.01.2025 to 01.01.2026. Accordingly, the practice of not considering the foreign exchange losses arising from the foreign currency denominated liabilities that have not yet been fulfilled and half of the sum of the expenses arising from the leases, depreciation, and personnel expenses accrued in 2020 and 2021 in the calculations regarding the capital loss or insolvency shall continue until 01.01.2026.