Newsletter-21

96 NEWSLETTER 2016 any circumstances, prohibited persons shall be entitled to request from the same court the cancellation of their prohibition. Conclusion Under Law No. 6728, amendments were made to the TCC that facilitate the incorporation and liquidation procedures of companies and decrease the transaction costs, and to the Law on Cheques that aim to increase the trust in cheques. Amendments made to the TCC include, among other things, the removal of the founders’ declaration from the scope of the incorporation documents, reducing the liquida- tion process from one year to six months, elimination of the obliga- tion to make a declaration of property in accordance with the EBL at the end of liquidation, submission of the articles of association of the new type to the approval of the general assembly instead of execution thereof by all the shareholders in the event of conversion of type. The amendments regarding the cheques bring criminal liability for those who issue dishonored cheques and allow third parties to access the data regarding the cheque, chequing account holder, and the drawers of such cheque.