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Article 376 of the Turkish Commercial Code No. 6102 ("TCC") regulates the determination of capital loss and insolvency situations in companies, and the procedures and principles to be followed in such cases are detailed in the "Communiqué on the Procedures and Principles Regarding the Application of Article 376 of the Turkish Commercial Code No. 6102" ("Communiqué on TCC Art. 376"),
By the Communiqué published in the Official Gazette dated 10 December 2025 and numbered 33103, a significant amendment has been introduced to the Provisional Article 1 of the Communiqué on TCC Art. 376.
Provisional Article 1 provides that, in the calculations regarding capital loss or insolvency, the full amount of foreign-exchange losses arising from foreign-currency denominated liabilities that have not yet been fulfilled, as well as half of the total expenses, depreciation charges and personnel costs arising from leases accrued in 2020 and 2021, may be disregarded until 1 January 2026.
With the amendment, the period of the temporary provisio allowing these expenses and losses to be excluded from the calculations in the assessment of capital loss and insolvency has been extended until 1 January 2027.
The Communiqué entered into force on its date of publication.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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