a)
Securing receivables of
creditors
If the creditors of companies participating in the merger make a claim within three months after the merger has legally taken place, the transferee company must secure the receivables of these creditors. Creditors are notified of their rights by companies participating in the merger through an announcement in the Turkish Trade Registry Gazette three times at seven day intervals as well as an announcement in the web site of the companies.
If it appears that the creditors will not bear a loss, the liable company may settle the debt in lieu of securing.
b)
Transfer of personal
responsibilities of partners and business affairs
The partners responsibilities regarding the debts of the transferred company prior to the merger continue after the merger provided that such debts were incurred prior to the announcement of the merger resolution or the reasons that cause the debts occurred prior to this date.
Any claims resulted from the debts of the transferred company with respect to the personal responsibility of partners become barred after three years from the announcement date of the merger resolution. If the claim is due after the announcement date, the prescription period begins at the due date. This limitation does not apply to the responsibilities of partners who are personally liable because of the debts of the transferee company.
