How Do You Obtain Payment in a Fund Liquidation? Reconciliation, Interim Payment and Objections
Last updated: 30.10.2026 · Author: Attorney Coşkun Genç, Istanbul cybercrime lawyer
Short answer: In a fund liquidation, payment is made by the bank charged with the liquidation, within the framework of Law No. 7596 and the procedures and principles of the Capital Markets Board (SPK) dated 27.10.2026. The right to payment is determined on a fund and account basis through reconciliation with the Central Registry Agency (MKK) records (Article 3(5)). The interim payment may not exceed, on a per-fund basis, the non-indexed net investment amount or TRY 1,000,000 (Article 4(2)); the remaining claim is met in the final payment, after earlier payments have been set off (Article 4(5)). The first step is to check your fund balance on MKK e-YATIRIMCI and to keep your purchase and sale transaction receipts.
Payment in a fund liquidation proceeds under Law No. 7596 on Certain Investment Funds Ordered into Liquidation, published in the Official Gazette No. 33413 of 27.10.2026, and under the SPK procedures and principles announced on the same day.
The steps in the criminal investigation are covered in the guide on what investors should do in a fund investigation. A decision to liquidate a fund does not amount to a finding of an offence against an investor who holds units in that fund.
Who conducts the liquidation and who makes the payment?
Payment is made by the bank designated as the institution charged with the liquidation, under the supervision and oversight of the SPK. Under Article 3(1) of the Law, the liquidation is carried out by these institutions; the power to determine the stages of the liquidation, the valuation principles, the manner in which unitholding is established, the interim and final payments and the order of distribution, however, lies with the Board.
According to decision No. 76/1903 of the Board's Decision-Making Body dated 27.10.2026, published in SPK Bulletin No. 2026/76, the liquidation of the funds founded by Pusula Portföy Yönetimi AŞ and Atlas Portföy Yönetimi AŞ is carried out by T.C. Ziraat Bankası AŞ, and the liquidation of the funds founded by Tera Portföy Yönetimi AŞ by Türkiye İş Bankası AŞ. The process is conducted under SPK coordination together with the Savings Deposit Insurance Fund (TMSF), Borsa Istanbul, MKK, Takasbank and the Banking Regulation and Supervision Agency (BDDK).
The Law applies only to funds whose liquidation was ordered by the SPK decisions of 17.09.2026 and whose liquidation has not been completed; it does not establish a general liquidation regime for other funds (Article 1(2)).
| Institution | Role in the payment process | Legal basis |
|---|---|---|
| SPK (the Board) | Sets the procedures and principles and the order of payment; identifies the persons to whom no payment will be made | Law No. 7596, Arts. 3(1), 3(6), 4(3) |
| Bank charged with the liquidation | Converts fund assets into cash, reconciles with MKK, pays the interim and final payments | Law No. 7596, Arts. 3(1)-(2), 3(5); SPK 2026/76 |
| MKK | Calculates the net investment amount; notifies the bank of the persons to whom no payment will be made | Law No. 7596, Art. 4(1); SPK 2026/76, Arts. 6, 9 |
| TMSF | Keeps the recovery account; collects from those liable under Law No. 6183 | Law No. 7596, Arts. 5(4), 6(4)-(6) |
| YTM | After the liquidation is completed, pays recovered amounts to the unitholders | Law No. 7596, Art. 6(6) |
Who is entitled to payment: how is reconciliation carried out?
The right to payment is determined on a fund and account basis by comparing the records of the bank charged with the liquidation with the MKK records. Under the definition in Article 2 of the Law, a "fund unitholder" is the holder of participation units who, as a result of this reconciliation, is found to be entitled to receive payment from the liquidation balance. The MKK record is decisive; the transaction receipt is a means of checking the record.
The second sentence of the paragraph resolves the situation most frequently raised in practice: persons whose participation units were blocked under orders transmitted to the Turkey Electronic Fund Trading Platform (TEFAS) on or before 17.09.2026 but not executed because of the fund's default or the failure to announce the unit price are also deemed fund unitholders. An investor whose redemption order was not executed has no separate creditor status. For the technical flow of orders between TEFAS, MKK and Takasbank, see the article on the fund and share trading process.
Law No. 7596 – Article 3, paragraph 5 and Article 4, paragraph 2
(5) Fund unitholding shall be determined on a fund and account basis by the institutions charged with the liquidation by means of reconciliation with the MKK records. However, with respect to orders relating to the funds subject to liquidation that were transmitted to TEFAS on or before 17/9/2026 but could not be executed by reason of the default of the relevant fund and/or the failure to announce the participation unit price, those whose participation units have been blocked shall be subject, in their capacity as fund unitholders, to the liquidation provisions of this Law.
(2) To be set off against the payments that fund unitholders are to receive from the liquidation balance, and provided that it does not exceed the portion of the net investment amount calculated pursuant to the first paragraph that is found without applying indexation, an interim payment may be made, in the funds determined by the Board, out of the liquidation assets of the relevant fund, in that amount for investors whose net investment amount is below 1,000,000 Turkish lira, and of at most 1,000,000 Turkish lira for investors whose net investment amount is 1,000,000 Turkish lira or above. The amount of the interim payment to be made to fund unitholders, except for money market funds, may not exceed the total value of the fund participation units held in the account of the relevant fund unitholder, calculated as at the end of the day preceding the date on which the interim payment amount is calculated. The previous end-of-day price of the fund is the price calculated by Takasbank through the valuation made for the relevant day, the required information being obtained from the institutions charged with the liquidation.
To whom is no payment made?
Article 3(6) of the Law excludes certain persons from payment: no payment is made from the liquidation or from the recovery account to persons and institutions determined by the Board to have committed the acts set out in Articles 104, 106 or 107 of Capital Markets Law No. 6362 through the funds being liquidated, acting together with those funds or with the participation of the funds, or to have acted together with them. SPK Bulletin No. 2026/76 adds that MKK will notify these persons to the institutions charged with the liquidation.
The articles referred to are, in brief, as follows. Article 104 governs the imposition by the Board of administrative fines for market-distorting actions that cannot be explained by a reasonable economic rationale and do not constitute an offence. Article 106 concerns insider trading: persons such as an issuer's managers, shareholders or those who access information by virtue of their duties who give orders on the basis of undisclosed information and obtain a benefit are punished with imprisonment from three to five years and a judicial fine. Article 107 concerns market fraud (market manipulation): anyone who carries out transactions with the aim of creating a misleading impression as to price or supply and demand, or who obtains a benefit by disseminating misleading information, is punished with imprisonment from three to five years and a judicial fine; effective repentance is provided for the act in the first paragraph where payment is made to the Treasury.
The exclusion is not automatic; it depends on a determination by the Board, and holding units in the fund does not by itself produce this result.
How is the net investment amount calculated?
The net investment amount comes into play only if the fund's distributable cash is insufficient to pay investors on the basis of the unit price of the day preceding the liquidation decision. Under Article 4(1) of the Law, in that case MKK calculates the amount to be taken into account in payments. If the cash is sufficient, a final payment is made directly instead of an interim payment, pursuant to Article 5 of the SPK procedures and principles.
The calculation consists of three steps. First, each cash inflow the investor actually made into the fund and each cash outflow received from the fund is updated up to the liquidation date by the arithmetic average of the rates of change in the consumer price index (CPI) and the domestic producer price index (D-PPI) announced by the Turkish Statistical Institute (TÜİK). The update is made proportionally on a pro rata temporis (kıstelyevm) basis, that is, by counting days. If total inflows exceed total outflows, each outflow amount is deducted on a "first in, first out" basis, starting from the oldest inflow.
The resulting figure is the money placed in the fund, net of the money withdrawn and updated; it should not be confused with the unit value. Because the calculation is based on the investor's own cash movements, the documents evidencing these movements should be kept to hand.
How much is the interim payment and in what order is it made?
The interim payment is an advance set off against the final claim and may not exceed, on a per-fund basis, the non-indexed net investment amount or TRY 1,000,000 (Article 4(2); SPK procedures and principles, Art. 6). In funds other than money market funds, the interim payment also may not exceed the unit value at the end of the day preceding the date on which it is calculated. If the cash is insufficient for all interim payments, Article 6 of the SPK procedures and principles takes the lowest of the three amounts as the basis; in money market funds, the end of the day preceding 17.09.2026 is taken into account for the unit value. The cap applies separately for each investor on a per-fund basis (SPK, interim payment announcement dated 01.10.2026).
| Limit | Money market funds | Other funds |
|---|---|---|
| Net investment amount | Non-indexed amount | Non-indexed amount |
| Unit value | If the cash is insufficient, the amount calculated as at the end of the day preceding 17.09.2026 (SPK, Art. 6) | Unit value as at the end of the day preceding the date on which the interim payment is calculated (Article 4(2)) |
| Cap | TRY 1,000,000 per fund | TRY 1,000,000 per fund |
The order is also regulated. Interim payments start first with the funds whose title contains the words "money market" (para piyasası). In the other funds, payments start with the fund having the highest ratio of distributable cash to its total interim payment obligation; among funds with the same or similar ratios, the fund with the largest number of investors who can be paid with the available cash is given priority. Amounts in the general share refund account are first distributed to the money market funds with the lowest coverage ratio and the largest number of investors below TRY 1 million.
If the cash is insufficient for all the interim payments calculated, Article 4(3) of the Law provides for two methods. The Board may decide that payments be made starting from the lowest net investment amount and/or that a minimum interim payment amount be set to apply to all unitholders. No investor may be paid an amount exceeding the net investment amount, the amount of rights and receivables as at the relevant date, or the TRY 1,000,000 cap.
Participation units are not redeemed in return for the interim payment; the units are returned at the time of the final liquidation payment.
Important: As at the date this article was prepared, the SPK announcement dated 27.10.2026 and Bulletin No. 2026/76 set the procedures and principles for the payments but do not contain a payment start date. The payment schedule is announced by the SPK and the banks charged with the liquidation; rely on these official sources for the payment date. This article is for general information purposes and does not replace legal advice.
How are the final payment and payment from the recovery account obtained?
The final payment is made when the conversion of the fund assets into cash has been completed, and every payment received earlier is deducted from it. Under Article 4(5) of the Law, payments made from the liquidation assets, from the recovery account or through other legal remedies are set off. For this reason, amounts collected in a damages action brought against the bank or in a criminal case may also affect the final calculation; documentation of such collections should be kept.
Collection may continue even after the liquidation ends. Under Article 3(3) of the Law, amounts collected after the completion of the liquidation are transferred to the recovery account in a manner that does not lead to duplicate payment. This account is kept with TMSF in separate sub-accounts for each fund and is separate from TMSF's own assets (Article 6(4)).
Under Article 6(5), these amounts may be used only for the liquidation of the relevant fund and for payments to unitholders; they may not be pledged as security, may not be attached even for public receivables, and may not be made subject to an interim injunction or a precautionary attachment. After deduction of necessary expenses, the accumulated amounts are transferred to the institution charged with the liquidation if the liquidation is ongoing, or, if the liquidation has been completed, to the Investor Compensation Center (YTM) for payment to the unitholders notified by the Board.
YTM makes the payment in proportion to participation unitholding (Article 6(6)). Apart from the final distribution, if the share due to an investor is below the minimum payment amount to be set by the Board, the amount is accumulated on behalf of the investor and paid once it reaches the minimum amount.
Money and capital market instruments seized in the investigation whose return to the fund is legally possible are returned to the fund or to the recovery account; assets confiscated and determined by the court to have originated from the fund are also transferred without being recorded as revenue of the Treasury (Articles 6(1), 6(3)). The consequences of seizure for family members and third parties are explained in the article on seizure in fund investigations.
Must an investor who exited the fund earlier return their gains?
No; the Law provides only an optional return mechanism on this point. Under Article 4(4), persons who received payment by redeeming their units before the liquidation date may, on a voluntary basis, return to the accounts announced by the Board the gain exceeding the amount of their inflows updated by the average of the CPI and the D-PPI. The method is determined by the Board; the provision does not in itself create a repayment obligation.
Can the payment amount be challenged?
Law No. 7596 does not establish an objection authority or an objection time limit specific to investors against the payment amount or the determination of unitholding. Article 7(3) of the Law provides that, where there is no provision, Laws No. 6362, 5271 and 5411 and other relevant legislation apply. The remedy is therefore determined according to the nature of the act objected to and should be assessed separately in the specific case.
If an error is found in the calculated net investment amount, the number of units or the taking into account of a blocked order, a written application should be made to the bank charged with the liquidation, the basis of the calculation should be requested, and a copy of the application should be forwarded to the SPK. A method that proves the date (registered electronic mail (KEP), registered post with acknowledgement of receipt, a receipt) should be chosen.
Decisions of the Board such as the determination of exclusion from payment, the order of payment or the minimum amount are, as a general principle, accepted as subject to review by the administrative courts. Under Article 7 of Administrative Procedure Law No. 2577, the time limit for bringing an action before the administrative courts is sixty days from written notification, unless a special law provides for a different time limit. Under Article 10, if an application made to the administration is not answered within thirty days, the request is deemed rejected; under Article 11, applying, before bringing an action, to the superior authority or, if there is none, to the authority that performed the act suspends the time limit for bringing an action that has started to run.
In recent examples showing that SPK acts are reviewed by the administrative courts, investors sought the annulment of Board decisions issued on their complaints:
"The claimant has sought the annulment of the relevant part of Capital Markets Board (Board) decision dated [...] and numbered [...] stating that there was no circumstance requiring action to be taken pursuant to the claimant's application dated [...] and numbered [...], made with a request that an administrative sanction decision be issued on account of the acts contrary to the legislation of [...] Kıymetler Anonim Şirketi ([...])."
Council of State, 13th Chamber, E. 2023/1667, K. 2025/1144, 11.03.2025
"The claimant has sought the annulment of Capital Markets Board (Board) decision dated [...] and numbered [...]/[...], notified by decision dated [...]and numbered E[...] of the Capital Markets Board Department of Intermediary Activities, to the effect that “no administrative action be taken against the brokerage firm as there is no matter contrary to the capital markets legislation”, issued concerning the complaint made by the claimant on the ground that the transactions carried out by [...] Değerler A.Ş. (brokerage firm), intervening on the side of the defendant, were contrary to the legislation and to the contractual provisions."
Council of State, 13th Chamber, E. 2021/3371, K. 2025/92, 09.01.2025
In both cases the action was dismissed and the Council of State upheld the decision. The decisions do not concern liquidation payments; they only show that Board decisions can be made the subject of an action before the administrative courts. In which judicial track the calculation itself made by the bank or MKK is to be disputed, however, is not separately regulated in the Law and should be assessed according to the nature of the act.
A point of confusion to note: the provision in Article 5(4) of the Law that "the Istanbul administrative courts are competent" concerns actions to be brought in relation to the collection and enforcement proceedings carried out by TMSF against those liable under Law No. 6183. This provision does not introduce a rule of jurisdiction for an investor's objection to the payment amount. A damages claim based on the fault of the bank that sold the fund in its marketing is, on the other hand, a separate private law matter; the details are in the article on the bank's liability in fund investment.
What should the investor do, step by step, to obtain payment in a fund liquidation?
The investor's task is to verify their record and to gather the documents with which to check the calculation:
- Check the record: Log in to MKK e-YATIRIMCI with your MKK registry number and password or via e-Devlet (the e-Government Gateway) and check the number of your units in the fund under liquidation and in which account they appear.
- Verify the blocked order: If you gave a redemption order to TEFAS on or before 17.09.2026, obtain written confirmation from your bank that the order and the blocking of the units appear in the records.
- Extract your cash movements: Obtain account statements showing the date and amount of each of your inflows into and outflows from the fund; the net investment calculation is based on these movements.
- Follow official announcements: Follow the SPK announcements and the announcements of the bank charged with the liquidation for the payment schedule and the per-fund order.
- Compare the payment: Compare the interim payment received against the three limits (non-indexed net investment, unit value, TRY 1,000,000) and keep its receipt.
- If there is an error, apply in writing: Make a written application to the bank asking for the basis of the calculation, inform the SPK and note the date of service of the reply; time limits for bringing an action may run from that date.
Documents to keep
- ✓Fund purchase and sale transaction receipts, TEFAS order records
- ✓Bank or brokerage account statements showing inflows into and outflows from the fund
- ✓Dated printouts of the MKK e-YATIRIMCI portfolio and transaction screens
- ✓Notifications concerning orders given before 17.09.2026 and not executed
- ✓Interim payment receipts and the bank's payment notifications
- ✓Applications made to the bank and the SPK, and proof of service of the replies
- ✓Documents for collections made through other routes (lawsuit, criminal case)
Exceptions and common mistakes
- Mistaking the interim payment for the last payment: The interim payment is an advance set off against the final claim; the remaining entitlement is met in the final payment and in distributions from the recovery account.
- Expecting indexation in the interim payment: The CPI and D-PPI update is part of the net investment calculation, but the interim payment is limited to the non-indexed amount.
- Assuming no payment was made because the units are still visible: Units are not redeemed upon an interim payment; they are returned at the final payment.
- Relying on dates in the news: For the payment date, only the official announcements of the SPK and of the bank charged with the liquidation should be relied on.
- Failing to report collections from other routes: An amount received from a lawsuit or criminal case is set off in the final payment; leaving it undocumented leads to a dispute over the calculation.
Payment and Objection Process with an Istanbul Fund Liquidation Lawyer
In liquidation files, the outcome is often decided by three points: the correct matching of unitholding with the MKK records, complete documentation of the cash movements on which the net investment calculation is based, and correct identification of the nature of the act to be challenged so that time limits are not missed. Av. Coşkun Genç Law Office provides legal support in Istanbul to investors in funds ordered into liquidation at the stages of reviewing the reconciliation records, preparing applications to the bank charged with the liquidation and to the SPK and, where necessary, following administrative and judicial proceedings. In the work carried out as an Istanbul fund liquidation lawyer, the liquidation claim, the criminal investigation and the damages claim against the bank are each followed separately.
Investors seeking a preliminary assessment with the support of an Istanbul capital markets lawyer may apply with their purchase and sale transaction receipts, account statements, e-YATIRIMCI printouts, interim payment receipts and correspondence with the bank. The office's contact details are available on the contact page. The areas of practice are listed on the cybercrimes page.
Sources
- Law No. 7596 on Certain Investment Funds Ordered into Liquidation, Official Gazette 27.10.2026, No. 33413, Arts. 1–7 – Official Gazette
- SPK Bulletin No. 2026/76 (27.10.2026), Decision No. 76/1903 of the Board's Decision-Making Body: procedures and principles regarding the liquidation and payments to be made under Law No. 7596 – spk.gov.tr
- SPK Basın Duyurusu [Press Announcement], 27.10.2026 and the annexed "10 Soruda Tasfiye ve Ödemelere İlişkin Usul ve Esaslar" [Procedures and Principles on Liquidation and Payments in 10 Questions] – spk.gov.tr
- SPK, Tasfiyedeki Fonlara İlişkin Ara Ödeme Duyurusu [Interim Payment Announcement on Funds in Liquidation], 01.10.2026 – spk.gov.tr
- Capital Markets Law (Law No. 6362), Arts. 104, 106, 107 – mevzuat.gov.tr
- Administrative Procedure Law (Law No. 2577), Arts. 7, 10, 11 – mevzuat.gov.tr
- MKK, e-YATIRIMCI Kullanım Kılavuzu [e-YATIRIMCI User Guide] – mkk.com.tr
- Council of State, 13th Chamber, E. 2023/1667, K. 2025/1144, 11.03.2025
- Council of State, 13th Chamber, E. 2021/3371, K. 2025/92, 09.01.2025