The Deadline For The Cheque Presentation Ban Has Been Extended. 08 November 2021
Numerous laws have been altered within the scope of The Law Amending the Law on the Establishment and Duties of the Turkish Exporters' Assembly and the Exporters' Associations and Certain Laws numbered 7341 (‘’The Law’’), which was published in the Official Gazette dated 06.11.2021 and numbered 31651. The law entered into force on the date of its publication. Along with this regulation, changes were made in the periods and dates cited in the temporal 3rd article of the Cheque Law No. 5941 and in the 543th Article of the Turkish Commercial Code Numbered 6102, titled "Distribution of Liquidation Result". In hereby this article, two main regulations introduced by the Law will be discussed.
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Alterations within the Scope of the Temporal 3rd Article of the Cheque Law No. 5941 |
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Pursuant to Article 795 of the Turkish Commercial Code No. 6102, it is essential to pay the cheque when it is seen. In the second paragraph of the same article, it is stipulated that the cheque submitted for payment before the day specified as the day of issue, will be paid on the day of presentation. |
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However, many exceptions have been made by the legislator since the date of 28.02.2009, and the validity period of the said exception was extended. |
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This time, with the Law containing the current amendment, it has been regulated that the submission of the cheque to the drawee bank is invalid until 31.12.2023, in order to be paid before the regulation date written on it. Thus, if the cheque is presented to the bank with a payment request before the issuance date on the cheque, until 31.12.2023 with the entry into force of the said amendment, the presentation will be deemed invalid. |
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Amendments Regarding Distribution Following the Liquidation of the Company Pursuant to the Turkish Commercial Code No. 6102 |
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In the second paragraph of 543th Article of the Turkish Commercial Code No. 6102, which titled "Distribution of Liquidation Result" and entered into force on 01.07.2012; it has been regulated that the remaining assets of the company in liquidation, after the debts of the company are paid and the share prices are returned, can only be distributed after one year from the third call to be made to the creditors, and if there is no danger to the creditors, the court may allow the distribution before one year has passed. |
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With the law numbered 6728, the one-year periods specified in the paragraph were reduced to six months on 09.08.2016; and, the six-month periods stated in the paragraph were reduced to three months with the provision of the Law amending the current regulation. |
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In conclusion, the new regulations in the Cheque Law regarding the presentation of the cheque to the drawee bank and the distribution as a result of the liquidation in the Turkish Commercial Code; are of vital importance for the partners, managers and executives of the companies, as well as natural and legal persons who carry out transactions by cheque. |
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