PAYMENT OF FINANCIAL SETTLEMENT TO RESIGNED OR EXCLUDED MEMBER OF LIMITED LIABILITY COMPANY (TCC Art. 642)

Resignation and exclusion are possible in limited liability company depending on the fulfillment of certain conditions. Resigned or excluded member has the right to demand for financial settlement. However, acceleration of the financial settlement depends on the fulfillment of alternatively certain conditions (TCC Art. 642). It is aimed with the foreseen acceleration clauses that the payment of financial settlement from a convenient resource in terms of protection of creditors’ interests. Since when these resources become available for payment must be determined. On the other hand, prioritizing the protection of creditors’ rights in the context of the payment of financial settlement leave the separated member unprotected. The rights of separated member must be looked after insofar as the principles concerning limited liability company permit