İFLAS SINIRINA YAKLAŞAN ANONİM ORTAKLIKLARDA YÖNETİM KURULU ÜYELERİNİN SADAKAT YÜKÜMLÜLÜĞÜ

ABSTRACT Fiduciary duties owed by board members of a joint stock company is an issue that is to be discussed in the event that a joint stock company is financially distressed and in the vicinity of insolvency. Thus, when a joint stock company is in financial straits, it is probable that creditors as well as stockholders file their claims against board members regarding their legal liabilities. When a joint stock company is in a healthy financial position, fiduciary duties of board members are to be administered by taking shareholders’ interest into account. In the case of an insolvency, the scope of rights and liabilities of board members covers stakeholders including creditors as well. When a joint stock company is in the zone of insolvency, it is of great importance to examine the issue of whether the duties of care, candor and undivided loyalty of board members are owed to creditors instead of stockholders shifting its direction from the latter to the former. Yet, when a joint stock company is on the verge of insolvency, whether the joint stock company owes above mentioned duties merely to its creditors instead of the joint stock company’s stockholders or owes them to both parties is not laid out in Turkish Law. Aforementioned issue is a matter of concern that is to be necessarily emphasized in terms of claims of civil liability depending on the board members’ inclination to indulge in excessive financial risk once the joint stock company is approaching insolvency. This study discusses whether the business judgment rule is applicable or not during the evaluation of financial decision of the board members once a joint stock company is in the zone of insolvency. In this context, this study addresses legal mechanisms of German, UK and US Laws regarding the issue at hand and attempts to draw up a framework for duties of board members of joint stock companies in the zone of insolvency.

ABSTRACT Fiduciary duties owed by board members of a joint stock company is an issue that is to be discussed in the event that a joint stock company is financially distressed and in the vicinity of insolvency. Thus, when a joint stock company is in financial straits, it is probable that creditors as well as stockholders file their claims against board members regarding their legal liabilities. When a joint stock company is in a healthy financial position, fiduciary duties of board members are to be administered by taking shareholders’ interest into account. In the case of an insolvency, the scope of rights and liabilities of board members covers stakeholders including creditors as well. When a joint stock company is in the zone of insolvency, it is of great importance to examine the issue of whether the duties of care, candor and undivided loyalty of board members are owed to creditors instead of stockholders shifting its direction from the latter to the former. Yet, when a joint stock company is on the verge of insolvency, whether the joint stock company owes above mentioned duties merely to its creditors instead of the joint stock company’s stockholders or owes them to both parties is not laid out in Turkish Law. Aforementioned issue is a matter of concern that is to be necessarily emphasized in terms of claims of civil liability depending on the board members’ inclination to indulge in excessive financial risk once the joint stock company is approaching insolvency. This study discusses whether the business judgment rule is applicable or not during the evaluation of financial decision of the board members once a joint stock company is in the zone of insolvency. In this context, this study addresses legal mechanisms of German, UK and US Laws regarding the issue at hand and attempts to draw up a framework for duties of board members of joint stock companies in the zone of insolvency.

Anonim ortaklık yönetim kurulu üyelerinin sadakat yükümlülüğü, ortaklığın finansal durumunun bozulması ve iflas sınırına yaklaşması halinde üzerinde durulması gereken bir husustur. Zira, anonim ortaklık finansal sıkıntı içerisine girdiğinde, pay sahiplerinin yanı sıra, alacaklıların da yönetim kurulu üyelerine karşı hukuki sorumluluk iddialarının gündeme gelmesi olasıdır. Anonim ortaklığın finansal durumunun sağlıklı olduğu aşamada yönetim kurulu üyelerinin sadakat yükümlülüğü pay sahiplerinin menfaati çerçevesinde yürütülecektir. İflas halinde ise, yönetim kurulu üyelerinin anonim ortaklığa olan hak ve yükümlülükleri alacaklılar da dâhil olmak üzere menfaat sahiplerini kapsar. Anonim ortaklık yönetim kurulu üyelerinin özen ve sadakat yükümlülüklerinin muhatabı anonim ortaklık iflas sınırında olduğunda ise, pay sahiplerinden alacaklılara doğru yön değiştirip değiştirmeyeceği hususunun incelemeye konu edilmesi önem arz eder. Zira, anonim ortaklık iflas sınırına yaklaştığında, söz konusu yükümlülüklerinin pay sahipleri yerine yalnızca alacaklılara karşı yerine getirilip getirilmeyeceği veyahut her iki tarafa karşı da yerine getirilmesi hususu Türk hukukunda düzenlemeye kavuşturulmamıştır. Anılan husus, özellikle, anonim ortaklık iflas sınırına yaklaştığında ortaklık yöneticilerinin ticari risk alma eğiliminin artmasına bağlı olarak hukuki sorumluluk iddiaları bakımından önem arz eder. Çalışmamızda iflas sınırında iken, yönetim kurulu üyelerinin ticari kararlarının değerlendirilmesinde iş adamı kararı ilkesinin uygulanabilirliği değerlendirilecektir. Bu bağlamda, çalışmamızda, Alman, İngiliz ve Amerikan hukuk sistemlerinin konuya bakış açısına yer verilerek, hukukumuz bakımından iflas sınırındaki anonim ortaklık yöneticilerinin sorumluluk çerçevesi çizilmeye çalışılacaktır.