Principle of Universal Succession

The principle of universal succession denotes, in public procurement and particularly in mergers or acquisitions, the passing by operation of law and automatically to the acquiring or newly formed company of the rights, debts, work experience certificates, balance sheet and turnover figures of the company that comes to an end without liquidation. It is an important principle of procurement law applied by reading the prohibition on transferring documents in Law No. 4734 together with the merger provisions of the Turkish Commercial Code.