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Attorney Emirhan Keskin
Prepares legal publications on procedures in Türkiye and provides legal services from Mersin. Every publication is checked against current official Turkish sources.
Legal information
This publication gives general information on Turkish law as of its stated review date. It does not create an attorney–client relationship; documents, deadlines, jurisdiction, venue and current legislation require file-specific review.
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Direct answer: To attach shares in a Turkish company, the creditor must distinguish the debtor's shares from declared dividends, shareholder-loan receivables and other amounts owed by the company, because these assets need different enforcement steps. The creditor should identify the company type, ownership record, share certificate, current resolutions and the precise debt the company owes to the judgment or enforcement debtor.
Attachment does not automatically make the creditor a shareholder or give voting rights. A third-party garnishment notice under Article 89 of the Enforcement and Bankruptcy Law may reach a receivable, while attachment and sale of an ownership interest engage Article 94 and the Turkish Commercial Code. Accurate classification prevents ineffective notices and avoidable company liability.
Share Attachment: 2026 legal check
2026 legal check: Turkish enforcement law distinguishes attachment of the equity interest from attachment of an already payable dividend, shareholder loan or other receivable. The company type, existence and custody of share certificates, third-party notices, registry or share-ledger entries, prior pledges and earlier attachments can change the effective route. Attachment alone does not automatically make the creditor a shareholder; valuation and sale require separate procedural steps. The Share Attachment assessment must use the current official text and the documents in the individual file.
Attach company shares Turkey: begin with separate legal personality
A company owns its bank accounts, inventory and receivables. A shareholder owns a participation interest, not a direct percentage of each company asset. If the shareholder personally owes the creditor, that creditor cannot simply seize the company's cash as if it belonged to the shareholder. The target may instead be the debtor's share, a dividend validly declared in the debtor's favour, a shareholder loan owed by the company or another personal receivable.
The reverse is also important: a company creditor cannot automatically attach a shareholder's personal assets. The nearest existing guide on limited-company shareholder or manager liability for company debt addresses that separate question. This article assumes the individual or entity whose shares or payments are targeted is already the enforcement debtor.
Map the target before sending a notice
| Possible target | What proves it exists? | Likely enforcement focus |
|---|---|---|
| Limited-company participation interest | Trade registry, articles, share ledger and transfer history | Attachment notation/notice, valuation and sale under EBL/TCC rules |
| Joint-stock company share | Share ledger, certificate type/possession, Central Registry record where applicable | Possession or notification/registration appropriate to the share form |
| Declared dividend | Valid general-assembly resolution, financial statements and payment date | Third-party garnishment of the payable receivable |
| Shareholder loan/current-account credit | Ledger, bank transfers, agreement and account confirmation | Article 89 notice to the company as third-party debtor |
| Director fee, salary or expense reimbursement | Contract/resolution, payroll and accrued amount | Receivable or wage-specific attachment/exemption analysis |
Do not describe retained earnings as a dividend before a lawful distribution decision. A profitable company may owe no current dividend to its shareholder. Conversely, a shareholder-current-account balance may conceal either a company receivable from the shareholder or an amount owed to the shareholder; the direction matters.
Company type and share form change the procedure
Limited-company interests are registered participations governed by the Turkish Commercial Code and company records. Joint-stock company shares may be uncertificated, registered certificates or bearer certificates, with different possession, ledger and Central Registry implications. A creditor should not serve a generic “share attachment” and assume it reaches every form.
Obtain the articles, recent Trade Registry Gazette publications, MERSIS data available through authorised channels, share ledger and copies or details of any certificates. If a certificate exists, locate lawful possession. If ownership is disputed or a transfer occurred before the attachment, the enforcement office may need evidence and the parties may litigate ownership.
What attachment of a share does—and does not—do
Attachment restricts disposition and preserves the economic asset for enforcement according to the required notices and records. It does not transfer ownership to the creditor at once. The debtor normally remains the shareholder until a valid sale/transfer, and corporate voting and information rights do not automatically pass to the attaching creditor.
The company should record and respond to the official measure as the law requires. It must not invent a freeze broader than the notice, but it should avoid registering a prohibited transfer or paying an attached amount to the debtor. Directors should obtain advice rather than choosing between creditor and shareholder based on informal demands.
Third-party garnishment under Article 89
Where the company owes money to the debtor, an Article 89 garnishment notice may require the company to declare an objection within a short statutory period or comply with the staged notice process. Later notices can create serious consequences if the company remains silent. The exact duty depends on which notice was served, when, and whether the debt existed or was sufficiently identifiable.
The company should immediately compare the notice with its ledger, contracts, resolutions and payment status. A truthful objection may state that no debt exists, that it was paid before service, that it is conditional or that the company instead has a claim against the shareholder. False or careless responses can expose the company to litigation. A creditor should preserve valid service and not skip statutory stages.
Attaching dividends
A dividend ordinarily becomes a shareholder receivable after the competent corporate body validly resolves distribution and the amount/payment terms are determined. Before that decision, the shareholder generally has an expectation connected to membership, not a freely payable debt identical to a declared dividend. Review distributable profit, statutory reserves, articles and the resolution.
If a dividend was declared before the notice, attach the actual amount and payment schedule. If payment was routed to another account or set off, examine whether that occurred before service and whether it was genuine. Do not force the company to distribute profit contrary to capital-maintenance and corporate rules merely because a shareholder is a debtor.
Attaching a shareholder-loan receivable
A shareholder may fund the company through documented loans or leave amounts credited in a current account. The creditor needs evidence that the company owes the shareholder, rather than the shareholder owing the company. Bank descriptions alone can be ambiguous. Agreements, general-ledger entries, interest accrual and confirmations help establish the direction and maturity.
A company may assert set-off or defences it had against the shareholder under the applicable rules. Related-party, tax or capital-loss consequences do not automatically eliminate the receivable but may affect its value. The creditor should avoid overstating an accounting entry as immediately collectible cash.
Valuation and sale of the participation interest
Closely held company shares are harder to value than listed securities. The appraiser may need current financial statements, assets and liabilities, cash flow, shareholder agreements, transfer restrictions, pending litigation and minority discounts. A nominal capital figure is not market value. A distressed enforcement sale can realise less than a negotiated transaction.
Articles or law may impose transfer approvals or pre-emption mechanisms, but their effect in an enforcement sale requires specific review; they should not be assumed either to block enforcement completely or disappear automatically. Sale formalities must produce a registrable transfer. The creditor should model costs and likely proceeds before requesting expensive valuation and auction steps.
Competing attachments and corporate distress
Earlier attachments, pledges over shares, usufruct, contractual security or insolvency can determine priority. Obtain the enforcement and corporate records needed to identify competing rights. An apparent valuable share may be economically worthless if the company is insolvent, heavily encumbered or unable to distribute.
If the company itself is in concordat or bankruptcy, distinguish the shareholder's asset from the company's estate and the shareholder's claims against that estate. The creditor's personal enforcement against the shareholder does not override company insolvency rules. Bank-account measures are also separate; the article on removing an e-seizure block concerns an account attachment, not corporate participation.
What the Turkish company should do after service
- Verify the enforcement office, file, debtor identity, notice type and service date.
- Preserve the envelope/e-service record and immediately calendar the stated statutory response.
- Check articles, share ledger, certificates, Central Registry records and prior encumbrances.
- Reconcile dividend, loan, fee, salary and other payable accounts as of service.
- Respond truthfully through the proper channel; do not rely on a phone call to the creditor.
- Record the attachment without overstating its effect on voting or management.
- Stop only the disposition/payment actually covered by the enforceable notice.
- Seek court or enforcement guidance where ownership or debt is genuinely disputed.
Creditor's evidence and tracing package
Collect the final enforcement record, debtor identifiers, company name and registration number, Registry Gazette publications, lawful MERSIS information, shareholder disclosures, certificates or pledges, financial statements, dividend resolutions and known related-party transfers. UYAP and registry access are permission-controlled; there is no general public right to browse every person's shares or bank accounts.
Asset tracing should remain lawful and proportionate. Do not impersonate a shareholder, obtain leaked ledgers or pressure employees to disclose confidential data. The guide on attachment of crypto assets and exchange accounts likewise explains why identifying an asset and legally reaching it are distinct tasks.
Record the date and lawful source of every registry extract. Corporate ownership can change between the first search and attachment, so recheck the official record immediately before requesting a measure and again before valuation or sale. A historic publication should not be presented as conclusive proof of current ownership.
Common mistakes
- Attaching company assets for a shareholder's personal debt.
- Calling retained earnings an immediately payable dividend.
- Ignoring share certificates, pledges or a disputed prior transfer.
- Sending an Article 89 notice where the company actually is the shareholder's creditor.
- Missing a staged notice response because the company waited for its annual accountant.
- Treating attachment as transfer of voting rights.
- Valuing a share only by nominal capital.
- Assuming an attached minority interest will sell quickly or at book value.
What to send for an initial attachment review
A creditor should send the enforcement file, debtor/company identifiers, known company type and share percentage, registry publications, financial or dividend evidence and any prior pledge or attachment information. A company receiving a notice should send the full notice and service proof, articles, share ledger/certificate status, relevant account ledgers, resolutions and prior encumbrances. Use a confirmed secure channel and redact unrelated employee or customer data. An initial review can classify the asset, response, registry step and likely value; it cannot promise that the interest exists, that an auction buyer will appear or that proceeds will cover the debt.
Frequently Asked Questions
1. Can a creditor seize a company's bank account for a shareholder's debt?
Not merely because the debtor owns shares. The company is separate; only a genuine receivable owed to the shareholder may be garnished through the proper route.
2. Does share attachment make the creditor a shareholder?
No. Ownership and membership rights generally change only through a valid sale or transfer after the enforcement steps.
3. Can future dividends be attached?
A notice may seek rights that become payable, but retained earnings are not automatically a current dividend debt. The resolution and notice scope matter.
4. What if the company says it owes nothing?
The creditor can assess the truth and procedural consequence of the objection using ledgers, resolutions and litigation routes; the company should not make a false denial.
5. Are limited-company shares registered in MERSIS enough proof?
MERSIS and registry records are important but may not show every private dispute, pledge, certificate or beneficial arrangement. Use the full corporate file.
6. Can a pledged share also be attached?
Potentially, but the pledge holder's priority and the share form affect sale and distribution.
7. Can voting rights be frozen?
Attachment does not automatically transfer or suspend every governance right. Any additional measure requires a specific legal basis and order.
8. How is an unlisted share valued?
Usually through company-specific financial and legal evidence, not nominal capital alone. Minority status and restrictions can affect value.
9. Must the company answer an Article 89 notice?
It should act within the current staged statutory procedure. Silence can create serious consequences, so the exact notice and service date need immediate review.
10. Can the creditor attach director salary as well as shares?
Potentially, if the salary or fee is genuinely owed, but wage exemptions, existing attachments and a separate garnishment analysis apply.
Official sources
- Enforcement and Bankruptcy Law No. 2004, including Articles 89 and 94
- Turkish Commercial Code No. 6102
- MERSIS official registration system
- Turkish Trade Registry Gazette
- UYAP official justice-system portal
Legal information updated: 21 September 2026.
Publisher: Attorney Emirhan Keskin, Mersin Bar Association registration no. 5507.
This article is general legal information about Turkish share and receivable attachment. It is not advice on a particular notice and does not create an attorney–client relationship. Company type, asset existence, service, prior rights and valuation require current official records; collection and sale outcomes are not guaranteed.