Written by: Cahit YERCI

 

      According to the Turkish Commercial Code No. 1602, that will go into force on July 1, 2012. 

• partners of limited liability companies,
• shareholders of joint stock companies,

      may not borrow from the company in which they are partners or shareholders respectively.     

       The partners/shareholders who owe to their own companies, they have to pay their debts in question, by cash, within three years (until July 1, 2015).    

        Criminal fines will be imposed on those who have not paid their debts within spesified period.