a)
Protection of creditors
(i) Notice
The creditors of the companies participating in division are requested to declare their receivables and to make a claim for security through an announcement in the Turkish Trade Registry Gazette three times at seven days intervals as well as make an announcement in the web site of the companies.
(ii) Securing receivables of creditors
If the creditors of companies participating in the division make a claim within three months from the date the aforementioned announcements are published, the companies must secure the receivables of these creditors.
If it is proven that the receivables of creditors are not under risk, the obligation to secure receivables is removed.
If it appears that the other creditors will not bear a loss, the company may settle the debt in lieu of securing.
b)
Responsibility
In the case where the company to which claims were assigned due to division plan or division agreement and are therefore primarily liable as a result, the other companies participating in the division which are secondarily liable becomes severally liable.
The secondarily liable companies may be subject to executive proceedings if certain conditions are met as stipulated in the related articles of the new TCC.
The provision with respect to the personal responsibilities of partners in divisions is also applicable to the personal responsibilities of partners in mergers.
