Extension of the Duration for Technical Bankruptcy Calculations

The Communique (“Amendment”) Amending the Communique on the Procedures and Principles Relating to Implementation of Article 376 of Turkish Commercial Code numbered 6102 (“Communique”) was published in the Official Gazette numbered 32355 on 31.10.2023. As per the Amendment, the duration for calculations of technical bankruptcy that may arise from exchange rate fluctuations regulated in Provisional Article 1 of the Communiqué has been extended from "1/1/2024" to "1/1/2025". Accordingly, the deadline for 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 accrued in 2020 and 2021, depreciation, and personnel expenses in the calculations regarding the capital loss or insolvency, is updated as 1/1/2025.
 
No further changes were made in the other provisions of the Communique.