{"id":61420,"date":"2023-12-04T11:20:34","date_gmt":"2023-12-04T02:20:34","guid":{"rendered":"https:\/\/monolith.law\/tr\/?p=61420"},"modified":"2024-03-14T13:25:42","modified_gmt":"2024-03-14T04:25:42","slug":"investment-contract-liquidation-provision","status":"publish","type":"post","link":"https:\/\/monolith.law\/tr\/general-corporate\/investment-contract-liquidation-provision","title":{"rendered":"Yat\u0131r\u0131m S\u00f6zle\u015fmelerindeki Varsay\u0131lan Tasfiye H\u00fck\u00fcmleri Nedir?"},"content":{"rendered":"\n<p>Yat\u0131r\u0131m s\u00f6zle\u015fmelerinde, varsay\u0131lan likidasyon h\u00fck\u00fcmleri olarak adland\u0131r\u0131lan maddelerin belirlenmesi durumu olabilir. Varsay\u0131lan likidasyon h\u00fck\u00fcmleri hakk\u0131nda, ba\u015flang\u0131\u00e7ta, hangi durumlarda belirlenmesi gerekti\u011fi, ayr\u0131ca, i\u00e7eri\u011fin ne olmas\u0131 gerekti\u011fi gibi konular\u0131n incelenmesi gereken bir\u00e7ok konu bulunmaktad\u0131r. Bu nedenle, bu makalede, yat\u0131r\u0131m s\u00f6zle\u015fmelerindeki varsay\u0131lan likidasyon h\u00fck\u00fcmleri hakk\u0131nda a\u00e7\u0131klama yapaca\u011f\u0131z.<\/p>\n\n\n\n<p><a href=\"https:\/\/monolith.law\/corporate\/importance-and-necessity-of-investment-contract\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/monolith.law\/corporate\/importance-and-necessity-of-investment-contract[ja]<\/a><\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_53 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/investment-contract-liquidation-provision\/#Varsayilan_Tasfiye_Hukmu_Nedir\" title=\"Varsay\u0131lan Tasfiye H\u00fckm\u00fc Nedir?\">Varsay\u0131lan Tasfiye H\u00fckm\u00fc Nedir?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/investment-contract-liquidation-provision\/#Kabul_Edilen_Tasfiye_Hukmunun_Amaci\" title=\"Kabul Edilen Tasfiye H\u00fckm\u00fcn\u00fcn Amac\u0131\">Kabul Edilen Tasfiye H\u00fckm\u00fcn\u00fcn Amac\u0131<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/investment-contract-liquidation-provision\/#Varsayilan_Tasfiye_Hukmunun_Etkisi_Uzerine\" title=\"Varsay\u0131lan Tasfiye H\u00fckm\u00fcn\u00fcn Etkisi \u00dczerine\">Varsay\u0131lan Tasfiye H\u00fckm\u00fcn\u00fcn Etkisi \u00dczerine<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/investment-contract-liquidation-provision\/#Kabul_Edilen_Tasfiye_Hukumlerinin_Kapsami\" title=\"Kabul Edilen Tasfiye H\u00fck\u00fcmlerinin Kapsam\u0131\">Kabul Edilen Tasfiye H\u00fck\u00fcmlerinin Kapsam\u0131<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/investment-contract-liquidation-provision\/#Kabul_Edilen_Tasfiye_Maddesinin_Tetikleme_Kosullari\" title=\"Kabul Edilen Tasfiye Maddesinin Tetikleme Ko\u015fullar\u0131\">Kabul Edilen Tasfiye Maddesinin Tetikleme Ko\u015fullar\u0131<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/investment-contract-liquidation-provision\/#Kabul_Edilen_Tasfiye_Hukmune_Gore_Karsiligin_Dagitimi\" title=\"Kabul Edilen Tasfiye H\u00fckm\u00fcne G\u00f6re Kar\u015f\u0131l\u0131\u011f\u0131n Da\u011f\u0131t\u0131m\u0131\">Kabul Edilen Tasfiye H\u00fckm\u00fcne G\u00f6re Kar\u015f\u0131l\u0131\u011f\u0131n Da\u011f\u0131t\u0131m\u0131<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/investment-contract-liquidation-provision\/#Yatirim_Sozlesmeleri_veya_Hisse_Sahipleri_Arasindaki_Sozlesmelerde_Kabul_Edilen_Tasfiye_Hukumleri_Zorunlu_Mudur\" title=\"Yat\u0131r\u0131m S\u00f6zle\u015fmeleri veya Hisse Sahipleri Aras\u0131ndaki S\u00f6zle\u015fmelerde Kabul Edilen Tasfiye H\u00fck\u00fcmleri Zorunlu Mudur?\">Yat\u0131r\u0131m S\u00f6zle\u015fmeleri veya Hisse Sahipleri Aras\u0131ndaki S\u00f6zle\u015fmelerde Kabul Edilen Tasfiye H\u00fck\u00fcmleri Zorunlu Mudur?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/investment-contract-liquidation-provision\/#Kabul_Edilmis_Tasfiye_Hukumlerinin_Ornekleri\" title=\"Kabul Edilmi\u015f Tasfiye H\u00fck\u00fcmlerinin \u00d6rnekleri\">Kabul Edilmi\u015f Tasfiye H\u00fck\u00fcmlerinin \u00d6rnekleri<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/investment-contract-liquidation-provision\/#Ozet\" title=\"\u00d6zet\">\u00d6zet<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Varsayilan_Tasfiye_Hukmu_Nedir\"><\/span>Varsay\u0131lan Tasfiye H\u00fckm\u00fc Nedir?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2019\/11\/pixta_44301860_M-1024x684.jpg\" alt=\"\" class=\"wp-image-5863\" \/><figcaption class=\"wp-element-caption\">Varsay\u0131lan tasfiye h\u00fckm\u00fcn\u00fc a\u00e7\u0131klamaya devam edece\u011fiz.<\/figcaption><\/figure>\n\n\n\n<p>Varsay\u0131lan Tasfiye H\u00fckm\u00fc (Deemed Liquidation), bir \u015firketin birle\u015fme ve sat\u0131n alma (M&amp;A) durumunda tasfiye edilmi\u015f say\u0131lmas\u0131 ve yat\u0131r\u0131mc\u0131lara da\u011f\u0131t\u0131m yap\u0131lmas\u0131 h\u00fckm\u00fcn\u00fc ifade eder. Yat\u0131r\u0131m s\u00f6zle\u015fmelerinde varsay\u0131lan tasfiye h\u00fckm\u00fc belirlendi\u011finde, bu h\u00fckme tabi olan hissedarlar, M&amp;A sonucunda elde edilen bedelden di\u011fer hissedarlara g\u00f6re \u00f6ncelikli olarak pay alabilirler.<\/p>\n\n\n\n<p>Genellikle, kalan varl\u0131klar\u0131n da\u011f\u0131t\u0131m\u0131nda \u00f6ncelik hakk\u0131 tan\u0131nd\u0131\u011f\u0131nda, M&amp;A sonucunda elde edilen bedel, kalan varl\u0131klar\u0131n da\u011f\u0131t\u0131m y\u00f6ntemiyle ayn\u0131 \u015fekilde da\u011f\u0131t\u0131lmas\u0131 h\u00fckm\u00fc belirlenir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Kabul_Edilen_Tasfiye_Hukmunun_Amaci\"><\/span>Kabul Edilen Tasfiye H\u00fckm\u00fcn\u00fcn Amac\u0131<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Kabul edilen tasfiye h\u00fckm\u00fcn\u00fcn belirlenmesinin ana amac\u0131, kurucular\u0131n veya ba\u015flang\u0131\u00e7ta yer alan ki\u015filerin hisse senetlerini ald\u0131klar\u0131 fiyattan daha y\u00fcksek bir fiyata hisse senedi alan VC&#8217;ler gibi hissedarlar\u0131n haklar\u0131n\u0131 ve \u00e7\u0131karlar\u0131n\u0131 korumakt\u0131r. Bir giri\u015fim \u015firketi halka a\u00e7\u0131lmay\u0131 hedefliyor olsa bile, halka a\u00e7\u0131lmaya ula\u015fmayan durumlar daha yayg\u0131nd\u0131r ve genellikle ba\u015fka bir \u015firket taraf\u0131ndan sat\u0131n al\u0131n\u0131r veya ba\u015fka bir \u015firket taraf\u0131ndan absorbe edilir, yani birle\u015fme ve sat\u0131n alma (M&amp;A) durumlar\u0131 olu\u015fur. Bir M&amp;A ger\u00e7ekle\u015fti\u011finde, bu bedeli hisse oran\u0131na g\u00f6re da\u011f\u0131tmak s\u00f6z konusu oldu\u011funda, y\u00fcksek bir al\u0131m fiyat\u0131na hisse senedi alan VC&#8217;ler b\u00fcy\u00fck bir zarar ya\u015fayabilir.<\/p>\n\n\n\n<p>\u00d6rne\u011fin, 10.000 hisse senedi \u00e7\u0131karan bir \u015firkette, kurucular veya ba\u015flang\u0131\u00e7ta yer alan ki\u015filer, hisse ba\u015f\u0131na 10.000 yen kar\u015f\u0131l\u0131\u011f\u0131nda 9.000 hisse (hisse oran\u0131 %90) sat\u0131n al\u0131rlar. Bu durumda, hisse senedi al\u0131m fiyat\u0131 90 milyon yen olur.<\/p>\n\n\n\n<p>Di\u011fer yandan, VC&#8217;ler, hisse ba\u015f\u0131na 100.000 yen kar\u015f\u0131l\u0131\u011f\u0131nda 1.000 hisse (hisse oran\u0131 %10) sat\u0131n al\u0131rlar. Bu durumda, hisse senedi al\u0131m fiyat\u0131 100 milyon yen olur. Daha sonra, giri\u015fim \u015firketi b\u00fcy\u00fcr ve 500 milyon yenlik bir M&amp;A teklifi ortaya \u00e7\u0131kar. Bu durumda, kurucular veya ba\u015flang\u0131\u00e7ta yer alan ki\u015filer, hisse oran\u0131na g\u00f6re da\u011f\u0131t\u0131m alabilirlerse, 450 milyon yenlik bir da\u011f\u0131t\u0131m alabilirler ve hisse senedi al\u0131m fiyat\u0131 olan 90 milyon yen \u00e7\u0131kar\u0131ld\u0131\u011f\u0131nda, 360 milyon yen kar elde ederler.<\/p>\n\n\n\n<p>Di\u011fer yandan, VC&#8217;ler a\u00e7\u0131s\u0131ndan bak\u0131ld\u0131\u011f\u0131nda, hisse oran\u0131na g\u00f6re da\u011f\u0131t\u0131m al\u0131rlarsa, 50 milyon yenlik bir da\u011f\u0131t\u0131m al\u0131rlar ancak hisse senedi al\u0131m fiyat\u0131 100 milyon yen oldu\u011fu i\u00e7in, sonu\u00e7 olarak 50 milyon yenlik bir zarar ya\u015farlar. Kurucular veya ba\u015flang\u0131\u00e7ta yer alan ki\u015filer, 360 milyon yenlik bir kar elde edebilecekleri i\u00e7in, VC&#8217;ler zarar ya\u015fasa bile M&amp;A&#8217;yi ger\u00e7ekle\u015ftirme olas\u0131l\u0131klar\u0131 vard\u0131r. Kabul edilen tasfiye h\u00fckm\u00fcn\u00fcn ana amac\u0131, yukar\u0131daki gibi durumlarda zarar ya\u015fayan VC&#8217;lerin haklar\u0131n\u0131 ve \u00e7\u0131karlar\u0131n\u0131 korumakt\u0131r.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Varsayilan_Tasfiye_Hukmunun_Etkisi_Uzerine\"><\/span>Varsay\u0131lan Tasfiye H\u00fckm\u00fcn\u00fcn Etkisi \u00dczerine<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2019\/11\/pixta_50890496_M-1024x597.jpg\" alt=\"\" class=\"wp-image-5865\" \/><figcaption class=\"wp-element-caption\"> <br>Varsay\u0131lan tasfiye h\u00fckm\u00fcn\u00fcn belirlendi\u011fi ana hedef, kurucular\u0131n veya ba\u015flang\u0131\u00e7tan beri dahil olanlar\u0131n hisse senetlerini edindikleri fiyattan daha y\u00fcksek bir edinim fiyat\u0131yla hisse senetlerini edinen VC vb. hissedarlar\u0131n haklar\u0131n\u0131 ve \u00e7\u0131karlar\u0131n\u0131 korumakt\u0131r.<\/figcaption><\/figure>\n\n\n\n<p>Varsay\u0131lan tasfiye h\u00fckm\u00fc hakk\u0131nda, daha \u00f6nce belirtildi\u011fi gibi, genellikle, kalan varl\u0131klar\u0131n da\u011f\u0131t\u0131m\u0131nda \u00f6ncelik hakk\u0131 tan\u0131nd\u0131\u011f\u0131nda, M&amp;A ile elde edilen kar\u015f\u0131l\u0131k hakk\u0131nda, kalan varl\u0131klar\u0131n da\u011f\u0131t\u0131m y\u00f6ntemiyle ayn\u0131 y\u00f6ntemle da\u011f\u0131t\u0131laca\u011f\u0131 belirlenir. Bu t\u00fcr varsay\u0131lan tasfiye h\u00fck\u00fcmleri durumunda, \u015firketin tasfiye edildi\u011fi kabul edilir ve kalan varl\u0131klar\u0131n da\u011f\u0131t\u0131m y\u00f6ntemiyle ayn\u0131 y\u00f6ntemle da\u011f\u0131t\u0131m yap\u0131l\u0131r ve kalan varl\u0131klar hakk\u0131nda \u00f6ncelikli hisse senetlerine sahip olan t\u00fcr hisse senetleri, M&amp;A ile elde edilen kar\u015f\u0131l\u0131\u011f\u0131n da\u011f\u0131t\u0131m\u0131n\u0131 \u00f6ncelikli olarak alabilir.<\/p>\n\n\n\n<p>E\u011fer varsay\u0131lan tasfiye h\u00fckm\u00fc belirlenmemi\u015fse, kalan varl\u0131klar\u0131n da\u011f\u0131t\u0131m\u0131nda \u00f6ncelikli da\u011f\u0131t\u0131m hakk\u0131na sahip olan hissedarlar, \u015firketin feshedilmesi veya tasfiye edilmesi durumunda \u00f6ncelikli \u00f6deme alabilirler, ancak sat\u0131n alma veya birle\u015fme gibi M&amp;A ger\u00e7ekle\u015ftirildi\u011finde, \u00f6ncelikli da\u011f\u0131t\u0131m alamazlar.<\/p>\n\n\n\n<p>Bu \u015fekilde, varsay\u0131lan tasfiye h\u00fckm\u00fcn\u00fcn etkisi, kalan varl\u0131klar\u0131n da\u011f\u0131t\u0131m\u0131nda \u00f6ncelikli da\u011f\u0131t\u0131m hakk\u0131na sahip olan hissedarlar i\u00e7in, sat\u0131n alma veya birle\u015fme gibi M&amp;A ger\u00e7ekle\u015ftirildi\u011finde bile, \u00f6ncelikli da\u011f\u0131t\u0131m alabilecekleri \u015feklindedir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Kabul_Edilen_Tasfiye_Hukumlerinin_Kapsami\"><\/span>Kabul Edilen Tasfiye H\u00fck\u00fcmlerinin Kapsam\u0131<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Kabul edilen tasfiye h\u00fck\u00fcmlerini belirlerken, bu h\u00fck\u00fcmlerin kapsam\u0131n\u0131 a\u00e7\u0131k\u00e7a belirlemek \u00f6nemlidir. \u00d6rne\u011fin, M&amp;A genel bir ifade olmas\u0131na ra\u011fmen, hisse devri, yeni hisse al\u0131m\u0131, hisse de\u011fi\u015fimi, i\u015fletme devri, birle\u015fme, \u015firket b\u00f6l\u00fcnmesi gibi \u00e7e\u015fitli y\u00f6ntemler d\u00fc\u015f\u00fcn\u00fclebilir. Dolay\u0131s\u0131yla, kabul edilen tasfiye h\u00fck\u00fcmlerinin kapsam\u0131 belirginle\u015fmedi\u011fi takdirde, taraflar aras\u0131nda anla\u015fmazl\u0131k \u00e7\u0131kma ihtimali vard\u0131r.<\/p>\n\n\n\n<p>Not: \u0130\u015fletme devri veya \u015firket b\u00f6l\u00fcnmesi gibi M&amp;A durumlar\u0131nda, M&amp;A&#8217;n\u0131n bedeli, hissedarlara de\u011fil, \u015firkete da\u011f\u0131t\u0131l\u0131r. Bu nedenle, bunu kabul edilen tasfiye h\u00fckm\u00fc olarak belirlemek m\u00fcmk\u00fcn olmayabilir ve hissedarlara da\u011f\u0131t\u0131laca\u011f\u0131n\u0131 belirten bir h\u00fck\u00fcm ayr\u0131ca belirlenmesi gerekebilir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Kabul_Edilen_Tasfiye_Maddesinin_Tetikleme_Kosullari\"><\/span>Kabul Edilen Tasfiye Maddesinin Tetikleme Ko\u015fullar\u0131<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Yukar\u0131da, kabul edilen tasfiye maddesinin hedefini a\u00e7\u0131klad\u0131k, ancak kabul edilen tasfiye maddesinin tetikleme ko\u015fullar\u0131n\u0131 da belirginle\u015ftirmemiz gerekmektedir. \u00d6rne\u011fin, hedef al\u0131nan M&amp;A i\u00e7in, belirli bir piyasa de\u011ferini a\u015ft\u0131\u011f\u0131nda yaln\u0131zca tasfiye maddesinin uygulanmas\u0131na izin verilece\u011fi \u015feklinde bir d\u00fczenleme yap\u0131labilir. Tetikleme ko\u015fullar\u0131 hakk\u0131nda, piyasa de\u011feri, VC vb. hissedarlar\u0131n hisse al\u0131m fiyat\u0131, her hissedar\u0131n hisse oran\u0131 gibi durumlar g\u00f6z \u00f6n\u00fcnde bulundurularak, detayl\u0131 bir inceleme yap\u0131lmas\u0131 gerekmektedir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Kabul_Edilen_Tasfiye_Hukmune_Gore_Karsiligin_Dagitimi\"><\/span>Kabul Edilen Tasfiye H\u00fckm\u00fcne G\u00f6re Kar\u015f\u0131l\u0131\u011f\u0131n Da\u011f\u0131t\u0131m\u0131<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Yukar\u0131da belirtildi\u011fi gibi, kabul edilen tasfiye h\u00fckm\u00fc genellikle, arta kalan varl\u0131klar\u0131n da\u011f\u0131t\u0131m\u0131nda \u00f6ncelik hakk\u0131 tan\u0131nd\u0131\u011f\u0131nda, M&amp;A ile elde edilen kar\u015f\u0131l\u0131\u011f\u0131n, arta kalan varl\u0131klar\u0131n da\u011f\u0131t\u0131m y\u00f6ntemiyle ayn\u0131 \u015fekilde da\u011f\u0131t\u0131lmas\u0131 gerekti\u011fi belirtilir. Bu nedenle, kar\u015f\u0131l\u0131\u011f\u0131n da\u011f\u0131t\u0131m\u0131, arta kalan varl\u0131klar\u0131n da\u011f\u0131t\u0131m\u0131yla ayn\u0131 olacakt\u0131r.<\/p>\n\n\n\n<p>Ancak, kabul edilen tasfiye h\u00fckm\u00fc i\u00e7in, kar\u015f\u0131l\u0131\u011f\u0131n mutlaka arta kalan varl\u0131klar\u0131n da\u011f\u0131t\u0131m y\u00f6ntemiyle ayn\u0131 \u015fekilde da\u011f\u0131t\u0131lmas\u0131 gerekti\u011fi belirtilmesi gerekmez. Bu nedenle, kar\u015f\u0131l\u0131\u011f\u0131n, arta kalan varl\u0131klar\u0131n da\u011f\u0131t\u0131m y\u00f6nteminden farkl\u0131 bir \u015fekilde da\u011f\u0131t\u0131lmas\u0131 da m\u00fcmk\u00fcnd\u00fcr. Bu durumda, s\u00f6z konusu kar\u015f\u0131l\u0131\u011f\u0131n vergisel a\u00e7\u0131dan nas\u0131l de\u011ferlendirilece\u011fi sorunu da ortaya \u00e7\u0131kar. Dolay\u0131s\u0131yla, kar\u015f\u0131l\u0131\u011f\u0131n arta kalan varl\u0131klar\u0131n da\u011f\u0131t\u0131m y\u00f6nteminden farkl\u0131 bir \u015fekilde da\u011f\u0131t\u0131lmas\u0131 durumunda, vergisel sorunlar\u0131 da g\u00f6z \u00f6n\u00fcnde bulundurarak d\u00fczenlemeler yap\u0131lmas\u0131 gerekmektedir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Yatirim_Sozlesmeleri_veya_Hisse_Sahipleri_Arasindaki_Sozlesmelerde_Kabul_Edilen_Tasfiye_Hukumleri_Zorunlu_Mudur\"><\/span>Yat\u0131r\u0131m S\u00f6zle\u015fmeleri veya Hisse Sahipleri Aras\u0131ndaki S\u00f6zle\u015fmelerde Kabul Edilen Tasfiye H\u00fck\u00fcmleri Zorunlu Mudur?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Tasfiye kabul h\u00fck\u00fcmlerinin, yat\u0131r\u0131m s\u00f6zle\u015fmeleri veya hisse sahipleri aras\u0131ndaki s\u00f6zle\u015fmeler gibi &#8220;s\u00f6zle\u015fmeler&#8221; arac\u0131l\u0131\u011f\u0131yla belirlenmesinin yan\u0131 s\u0131ra, bu h\u00fck\u00fcmlerin &#8220;t\u00fcz\u00fck&#8221; ile belirlenip belirlenemeyece\u011fi konusu tart\u0131\u015f\u0131lmaktad\u0131r. Tasfiye kabul h\u00fck\u00fcmleri i\u00e7eren s\u0131n\u0131f hisseleri hakk\u0131nda, s\u0131n\u0131f hisselerinin i\u00e7eri\u011fini belirleyen Japon \u015eirketler Kanunu&#8217;nun 108. maddesi \u00fczerinden, 108. maddeye uymayan bir durum oldu\u011fundan, t\u00fcz\u00fck ile belirlenmesi konusunda olumsuz g\u00f6r\u00fc\u015fler bulunmaktad\u0131r.<\/p>\n\n\n\n<p>Ayr\u0131ca, Japonya Ekonomi, Ticaret ve Sanayi Bakanl\u0131\u011f\u0131&#8217;n\u0131n 2018 (Heisei 30) Mart ay\u0131nda yay\u0131nlad\u0131\u011f\u0131 &#8220;Japonya&#8217;daki Sa\u011fl\u0131kl\u0131 Giri\u015fim Sermayesi Yat\u0131r\u0131mlar\u0131 ile \u0130lgili S\u00f6zle\u015fme Hususlar\u0131na Dikkat Edilmesi&#8221; ba\u015fl\u0131kl\u0131 50. sayfas\u0131nda, &#8220;Tasfiye kabul\u00fc, iste\u011fe ba\u011fl\u0131 bir s\u00f6zle\u015fme h\u00fckm\u00fc olarak belirlenir. Yani, t\u00fcm hissedarlara etki eden t\u00fcz\u00fck h\u00fck\u00fcmlerine dayal\u0131 \u00f6ncelikli da\u011f\u0131t\u0131m ve kalan varl\u0131k da\u011f\u0131t\u0131m\u0131n\u0131n aksine, yat\u0131r\u0131mc\u0131lara s\u00f6zle\u015fme h\u00fck\u00fcmlerine dayal\u0131 \u00f6ncelikli da\u011f\u0131t\u0131m sa\u011flar.&#8221; denilmektedir.<\/p>\n\n\n\n<p>Bu ifadeden yola \u00e7\u0131karak, Japonya Ekonomi, Ticaret ve Sanayi Bakanl\u0131\u011f\u0131&#8217;n\u0131n, tasfiye kabul h\u00fck\u00fcmlerinin t\u00fcz\u00fck yerine s\u00f6zle\u015fme ile belirlendi\u011fini d\u00fc\u015f\u00fcnd\u00fc\u011f\u00fcn\u00fc s\u00f6yleyebiliriz.<\/p>\n\n\n\n<p><a href=\"https:\/\/monolith.law\/corporate\/issuance-of-class-shares\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/monolith.law\/corporate\/issuance-of-class-shares[ja]<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Kabul_Edilmis_Tasfiye_Hukumlerinin_Ornekleri\"><\/span>Kabul Edilmi\u015f Tasfiye H\u00fck\u00fcmlerinin \u00d6rnekleri<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Kabul edilmi\u015f tasfiye h\u00fck\u00fcmlerinin \u00f6rnekleri hakk\u0131nda, \u00f6rne\u011fin, a\u015fa\u011f\u0131daki gibi h\u00fck\u00fcmler d\u00fc\u015f\u00fcn\u00fclebilir.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>Madde \u25cb (Kabul Edilmi\u015f Tasfiye H\u00fckm\u00fc)<\/p>\n\n\n\n<p>S\u00f6zle\u015fme taraflar\u0131, i\u015fletme sat\u0131n al\u0131m\u0131 sonucunda alacaklar\u0131 bedelin, t\u00fcz\u00fckte belirlenen kalan varl\u0131k da\u011f\u0131t\u0131m hakk\u0131n\u0131n hesaplama form\u00fcl\u00fcne benzer bir \u015fekilde hesaplanan bedelle her bir hissedar\u0131n alaca\u011f\u0131n\u0131 kabul eder.<\/p>\n<\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ozet\"><\/span>\u00d6zet<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Yukar\u0131da, yat\u0131r\u0131m s\u00f6zle\u015fmelerindeki varsay\u0131lan likidasyon h\u00fck\u00fcmleri hakk\u0131nda a\u00e7\u0131klamalar yapt\u0131k. Giri\u015fim \u015firketlerinin, VC&#8217;ler ve benzerleri ile yat\u0131r\u0131m s\u00f6zle\u015fmesi m\u00fczakereleri yapt\u0131\u011f\u0131nda, VC&#8217;lerin ve benzerlerinin varsay\u0131lan likidasyon h\u00fck\u00fcmlerini belirlemeyi \u00f6nerdiklerini s\u0131k\u00e7a g\u00f6rebilirsiniz. Giri\u015fim \u015firketlerinin VC&#8217;lerden ve benzerlerinden yat\u0131r\u0131m alabilmesi i\u00e7in, VC&#8217;lerin ve benzerlerinin taleplerine yan\u0131t vermesi gerekmektedir. Ancak, ileride dezavantajl\u0131 duruma d\u00fc\u015fmemek i\u00e7in, varsay\u0131lan likidasyon h\u00fck\u00fcmlerinin i\u00e7eri\u011fini dikkatlice incelemek gerekmektedir. Varsay\u0131lan likidasyon h\u00fck\u00fcmlerinin incelenmesi konusunda, uzman bilgisi gerekti\u011fi i\u00e7in, bir uzman olan avukat\u0131n tavsiyesini alman\u0131n uygun olaca\u011f\u0131n\u0131 s\u00f6yleyebiliriz.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Yat\u0131r\u0131m s\u00f6zle\u015fmelerinde, varsay\u0131lan likidasyon h\u00fck\u00fcmleri olarak adland\u0131r\u0131lan maddelerin belirlenmesi durumu olabilir. Varsay\u0131lan likidasyon h\u00fck\u00fcmleri hakk\u0131nda, ba\u015flang\u0131\u00e7ta, hangi durumlarda belirlenme [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":63446,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[24,28],"acf":[],"_links":{"self":[{"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/posts\/61420"}],"collection":[{"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/comments?post=61420"}],"version-history":[{"count":3,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/posts\/61420\/revisions"}],"predecessor-version":[{"id":63447,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/posts\/61420\/revisions\/63447"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/media\/63446"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/media?parent=61420"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/categories?post=61420"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/tags?post=61420"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}