How squeezing out is carried out in the Industry Trade Co. Limited?
1- How squeezing out is carried out in the Industry Trade Co. Limited?
Company Agreement is able to give the right to squeeze out to the partners, and to entail this right. Every partner can sue the other in the evidence of justifiable reasons. Court can decide other precautions with the aim of freezing the rights lawfully begotten in order to guarantee the partner’s situation.
2- WHAT IS THE DUTY OF MANAGERS IN CASE OF PARTNERS FILEING SUIT?
In the case that one of the partners wants to withdraw from partnership and file suit with justifiable reasons, manager or managers have to inform the other partners.
3- WHAT SHOULD BE DONE IN CASE OF WITHDRAWING FROM PARTNERSHIP?
Each partner has the right to inform the managers that he will withdraw from partnership too and to participate in the court with justifiable reasons within a month since they were informed.
*** All partners will be subjected to the equal treatment,
***This provision will not be executed in the case of one of the partners is squeezed out of the company with a justifiable reason.
4- HOW SQUEEZING OUT DECISION IS TAKEN?
4.1- In company agreement, the reasons that one of the partners can be squeezed out can be predicted.
4.2- The partner can appeal against within 3 months after his information of the case via notary.
4.3- All rights reserved regarding the partners’ squeezing out of the company depending upon justifiable reasons.
Source: Turkish Trade Law
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