Sponsored briefing: Mitigating the risks of the current economic climate

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Sponsored briefing: Mitigating the risks of the current economic climate

Oktay Şener, managing partner of Aksan Law Firm, examines how his team has reacted to the changing Turkish legal market

How are the recent economic problems, including the currency crash and inflation, affecting your firm?

Experiencing difficulties is quite normal in the current economic climate and unfortunately, we also witness the reflections of this issue among our clients. However, our country’s economic history and past have accustomed us to such ups and downs. At Aksan, in line with the precautions we have taken after Covid, we have been discussing, contemplating and implementing measures related to this situation for a while now.
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Sponsored briefing: The increasing number of enforcement and bankruptcy cases in Türkiye in recent years

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Sponsored briefing: The increasing number of enforcement and bankruptcy cases in Türkiye in recent years

Using statistical data, Egemenoğlu Hukuk Bürosu reflects upon bankruptcy in Türkiye, and looks to the effective measures available for present businesses

In recent years, the liquidity shortage in the markets, the unexpectedly high increase in raw material costs, the sudden fluctuations in exchange rates and the problems arising from the deterioration of the supply and demand balance have caused serious economic difficulties for citizens and companies in our country. As a result of this situation, many companies are struggling under the financial burden of debt. As a result of deteriorating cash flows and financial structures, companies are experiencing difficulty in paying their debts, and are subsequently encountering enforcement proceedings, and even the risk of bankruptcy. Recent negative progress in the economy has also led to an increase in the number of execution and bankruptcy files. Continue reading “Sponsored briefing: The increasing number of enforcement and bankruptcy cases in Türkiye in recent years”

Sponsored briefing: Legal nature of representations and warranties in share transfer agreements

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Sponsored briefing: Legal nature of representations and warranties in share transfer agreements

Evrim Uygur Yamaner and İrem Özbay of Gled Partners consider seller liability in providing representations and warranties when transferring shares

In merger and acquisition (M&A) share transfer agreements, it is common to include statements and representations assuring that there are no encumbrances on the shares and that the company was properly established, legally compliant and possesses required permits and licences.
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Sponsored briefing: The licensing process in the Turkish electricity generation market

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Sponsored briefing: The licensing process in the Turkish electricity generation market

Dr Ata Torun of Hansu Attorney Partnership provides an overview of the procedure for gaining a licence to generate electricity in Türkiye

General overview of the Turkish electricity market

The energy sector in Türkiye continues to develop in accordance with decarbonisation objectives driven by national and international dynamics. In this context, the number of generation facilities based on renewable energy sources has increased significantly in recent years. Most recently, Türkiye’s National Energy Plan announced in 2023 aims to increase clean energy and energy efficiency within the scope of sustainability. In addition to the integration of renewable energy resources into the electricity system, investments in the energy sector have gained significant momentum with recent regulations on the storage of generated electricity. Continue reading “Sponsored briefing: The licensing process in the Turkish electricity generation market”

Sponsored briefing: Artificial intelligence generated content and copyright, creativity and authorship issues

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Sponsored briefing: Artificial intelligence generated content and copyright, creativity and authorship issues

Gökçe Ergün, Çağla Yargıç and Yaren Türe of Kılınç Law & Consulting report on how Turkish law views AI-generated content in the context of authorship and copyright

Artificial intelligence (AI) tools that, in simple terms, bring algorithm-based machine learning to mind, have started generating unpredictable outputs, especially with the advancement of cutting-edge systems like generative AI contributing to technological advancement. AI can generate content across a wide spectrum, ranging from texts to images, music to videos. Continue reading “Sponsored briefing: Artificial intelligence generated content and copyright, creativity and authorship issues”

Sponsored briefing: Binding corporate rules for transfer of personal data abroad

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Sponsored briefing: Binding corporate rules for transfer of personal data abroad

Eren Can Ersoy of Kılınç Law & Consulting looks at the regulations associated with data protection

The irrepressible rapid development of technology and digitalisation around the world necessitates the processing and transfer of personal data. This evolution has a direct impact not just on individuals but also on the business world. The processing and transfer of personal data abroad necessitates the effective protection of data. Personal data processing and transfers overseas demand robust data protection. The transmission of personal data abroad is regulated by Law No. 6698 on the Protection of Personal Data (the Law), and the primary rule for data transfer abroad is to get the data subjects’ explicit consent. With the existence of one of the data processing conditions specified in the Law, and the recipient being located in one of the countries on the list of safe countries to be published by the Personal Data Protection Authority (the Authority), the data controllers in Türkiye and abroad can undertake adequate protection in writing and the Personal Data Protection Board (the Board) can gain permission as an exception to the rule of obtaining explicit consent.
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Sponsored briefing: The fate of employment contracts in M&A transactions under Turkish law

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Sponsored briefing: The fate of employment contracts in M&A transactions under Turkish law

M. Efser Karayel-Keßler of Matur & Ökten & Karayel Keßler explores the legislation affecting employment relationships when a company’s legal structure changes and where this means employees face unequal treatment

Changes to the legal structure of companies regularly have an impact on employment relationships. These usually lead to changes in employment conditions, dismissals or early retirements , or cause a change in the identity or form of the employer. This particularly applies to asset deals, mergers, demergers and company-type changes. Continue reading “Sponsored briefing: The fate of employment contracts in M&A transactions under Turkish law”

Sponsored briefing: Criminal liability of company directors

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Sponsored briefing: Criminal liability of company directors

Mustafa Tırtır and Muharrem Kazak of Mustafa Tırtır Law Firm set out recent Supreme Court case law on liability for crimes committed during company activity

In the event of a criminal offence during the activities of a company, legal entities are not subject to criminal sanctions. Natural persons authorised to represent and bind the company are held criminally liable.
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Sponsored briefing: Looking to the future

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Sponsored briefing: Looking to the future

Mehmet Selim Yavuz and Murat Uyanık of Yavuz Uyanık Attorney Partnership discuss how the legal market has been affected by the country’s economic climate and their expectations for areas of growth

Given Türkiye’s current economic problems including the devaluation of the currency and high inflation, how has this been affecting your firm throughout 2023 and into 2024?

Our attorney partnership has managed to grow in a delicate manner during 2023 which could be defined as one of the most economically devastating years. The exchange rate and inflation crises caused by the interest cuts of the Central Bank of Türkiye had significantly damaged Turkish Lira which deeply affected the purchasing power of our employees. We unfortunately needed to revise our rates and we adjusted our ongoing arrangements with our clients. New business opportunities have also emerged as economic problems have affected contractual relationships, which later turned into legal proceedings. Therefore, it could be stated that even with macroeconomic conditions we managed to grow our business. Unfortunately, the year 2023 did not start very well for the Turkish people and economy. Continue reading “Sponsored briefing: Looking to the future”

Sponsored briefing: Ink to code: analysing electronic signature legitimacy in the EU and Turkish legislation

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Sponsored briefing: Ink to code: analysing electronic signature legitimacy in the EU and Turkish legislation

Turhan Mergen, Lalin Elkatip and Zehra Kıryolcu of Diri Sevi Mergen report on electronic signature legislation in Türkiye and its connections with the EU

Economic globalisation has fostered an interdependence among national economies worldwide. This phenomenon, brought about by the swift cross-border movement of goods, services, technology and capital, has developed and increased international trade. In relation to this economic surge, the pace of life across various aspects, encompassing communication, logistics and access to information, has accelerated. This accelerated pace, both a catalyst and a consequence of economic globalisation, has increased the demand for rapid processes in both daily and corporate life. Consequently, the adoption of digital methods has surged, a transition further accelerated by the urgency imposed by the Covid-19 pandemic.
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