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Prime Ministry Circular No. 2016/27 on Trade Facilitation Board ("Circular") has been published with the Official Gazette dated 03.12.2016. The Circular stipulates a process involving many public institutions and establishments with regard to the adoption of measures to enhance the competitiveness by improving the international trade infrastructure.

Paksoy and K&L Gates Italy have advised the EBRD on its role, along with Hermes GPE, as co-investors in and providers of financing for, Mediterra's acquisition of 70% of Arkel Elektrik Elektronik Sanayi ve Ticaret Anonim Sirketi, the technology company manufacturing electronic components for lifts. Kolcuoglu Demirkan Kocakli (KDK) advised Mediterra on the deal, Caliskan Kizilyel Toker advised the sellers, and Travers Smith advised Hermes.

Based in Ankara, Bora Kaya is the Managing Legal Counsel at Gama Power Systems Engineering and Contracting, a company that he first joined in March 2015. Prior to that he was the Head of Legal at Ronesans Holding from October 2012 to December 2014. Earlier still, he worked for Eregli Iron and Steel Works Co. as the Assistant to the Head of Legal Department.

Paksoy has advised IMCD N.V., a distributor of speciality chemicals and food ingredients, on its acquisition of 100% of Feza Kimya Ic ve Dıs Ticaret A.S., which specializes in technical sales, marketing, and distribution of speciality chemicals and instruments in Turkey.

On October 5, 2016, representatives from the Ukrainian and Turkish business communities, from the Ukrainian Consulate-General in Istanbul, and from the co-hosting Gun + Partners and Vasil Kisil & Partners law firms met at the Gun + Partners office in Istanbul for a round table discussion, moderated by CEE Legal Matters, on the opportunities in Ukraine for Turkish investors.

Under the Code of Enforcement and Bankruptcy dated June 9, 1932 and numbered 2004 (the “Code”), the companies established under the Turkish Commercial Code dated January 13, 2011 numbered 6102 (the “TCC”) and persons who are bound by the provisions for the tradesmen of the TCC are subject to bankruptcy when their debts exceed their assets. In such an event, declaration of bankruptcy should be requested from the court by those who are authorized representatives of such persons or entities (e.g., the board of directors for joint stock companies). 

In a short summary, perhaps we can divide Turkey’s past decade into two halves: The first half a seemingly flourishing economy with impressive growth rates, and the second half a consistent headline in all main international newspapers of mass protests, terror bombings, and coup d’état attempts.

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