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Özge Okat of Pekin & Pekin examines new challenges for acquisition financing in Turkey following the introduction of the new commercial code

Seda Akipek and Müjdem Aksoy of Cerrahoglu examine the implications of changes to Turkey’s Commercial Code which allow for electronic company meetings

Noyan Turunç of TURUNÇ provides an overview of the new Turkish law on work health and safety

The Turkish PPP mechanism is mainly based on collaboration between public and private sectors. This allows the public and private sectors to share the investment cost, risk and profit related to such investment and services. Throughout the last decade the number of PPP projects in Turkey has significantly increased, especially, most recently, in the healthcare sector. Accordingly, the new PPP law on healthcare sector No 6428 was recently enacted. It entered into force on March 9 2013.

It has been less than a year since IFLR published its 2012 Guide to Turkey, and in that time the country has taken strides towards its goal of becoming an international financial centre.

Sevket Basev of 3 Seas Capital Partners introduces the encouraging developments in Turkey’s M&A market over the last decade

Noyan Turunç and Kerem Turunç of TURUNÇ provide an overview of recent developments in the Turkish private equity market

Gönenç Gürkaynak and Bora Ikiler of ELIG Attorneys-at-Law discuss recent trends in the Turkish merger-control regime

Bond documentation has failed to keep pace with changing bondholder meeting practices. Draftsmen should take note of these common discrepancies

Muharrem Küçük Mustafa Yigit Örnek When international banks and financial institutions finance a project or provide acquisition financing, they need to acknowledge certain restrictions under the Turkish Commercial Code No 6102 (TCC) in respect of security granted to secure such financing. For any project or acquisition financing, the borrower itself is able to provide a corporate guarantee to the lenders. But there is a concern if a subsidiary company is required to provide a corporate guarantee in respect of the obligations of its parent company. According to article 202 of the TCC, a parent company cannot cause any loss to its subsidiary. Although abuse of control by the parent company does not render the relevant transaction void, the parent company is obliged to compensate the losses of the subsidiary within the same financial year or provide a method for compensation within the same financial year. If the parent company fails to compensate, the other shareholders or creditors of the subsidiary are entitled to commence proceedings against the parent company and the directors of the parent company for compensation of losses. Article 202 also applies if either the parent or the subsidiary is incorporated in Turkey.