Recent Development
The Communiqué on Amendments to the Communiqué on the Procedures and Principles Regarding the Application of Article 376 of the Turkish Commercial Code No. 6102 (“Communiqué”) was published in the Official Gazette No. 33103 dated December 10, 2025, and entered into force on the same date.
What’s New?
Until January 1, 2027, the exchange difference expenses arising from unfulfilled foreign currency obligations, as well as half of the sum of expenses arising from leases, amortizations and personnel expenses accrued in 2020 and 2021, may be excluded from companies’ calculations regarding technical bankruptcy and negative equity within the scope of Article 376 of the Turkish Commercial Code. Before the amendment, this provision would remain valid only until January 1, 2026.
Please see our legal alert explaining the applications and calculations under the Communiqué on Technical Bankruptcy in detail here, as well as our legal alert regarding the changes made to the Communiqué on Technical Bankruptcy dated December 29, 2020 here.
Conclusion
Certain flexibilities granted to companies experiencing foreign exchange losses – including the option to disregard certain expenses when calculating capital loss or technical insolvency – will remain valid until January 1, 2027. Companies should carefully review the requirements set forth under the Communiqué and follow its procedures and principles.
