The sole shareholder of the incorporated company who is a foreign legal entity went bankrupt with a court decision. What happens to the incorporated company in this case? Should it be closed immediately by applying to the commercial court of first instance due to bankruptcy?

If the company abroad was closed due to bankruptcy, a lawsuit should be filed at the commercial court of first instance to liquidate the company and assign a liquidator. If the company abroad is not closed yet, the general board may take the decision of liquidation.

Source: İSMMMO
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

If the employer rejects to employ the employee back within 1 month following the court’s re-employment decision, s/he will be subject to pay compensation to the employee in the amount of 4 to 8 month’s wage. The court or the special referee also decides on how much compensation the employer would be subject to pay if s/he rejects to abide by the decision. The employee will be paid 4 months of wage at most and also his/her other rights for the period where s/he was not employed during the decision process.

Source: Ministry of Labor and Social Security
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

The general assembly is entitled to pay and decide on the attendance fee of the board members of a joint stock company. Therefore, it is only under the authorization of the general assembly to pay, designate and increase the attendance fee. The Board of Directors of the joint stock company is not authorized to pay, increase on decrease the attendance fee.

Source: İSMMMO
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

Qatar’s contribution has been marginal compared to some of the cartel’s biggest producers like Saudi Arabia and Iraq.

It pumps about 600,000 barrels a day of the almost 25 million barrels a day from all OPEC members,

Country’s energy minister Saad al-Kaabi said the decision was not linked to a political and economic boycott of Qatar imposed in June 2017 by Saudi Arabia, the United Arab Emirates, Bahrain and Egypt.

They imposed a trade and travel embargo on Qatar over allegations that it supports terrorism.

Doha denies the charges.

Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

DECISION ON MAKING CHANGE IN THE DECREE NUMBERED 32 REGARDING PROTECTING VALUE OF TURKISH CURRENCY

ARTICLE 1- Below article is added in the article numbered 4 of the decision of protection of the value of Turkish currency law; decree numbered 32 and published on 7/8 /1989.

“g) Inhabitants of Turkey are not allowed to agree upon in foreign currency or foreign currency indexed prices when they come to an agreement inter se on selling and purchasing property, property renting, including vehicle renting, leasing, except for the situations outside of the ministry’s decision.

ARTICLE 2- the Provisional article is adding the same decree.
“Provisional Article 8- Within thirty days beginning from this decree’s 4th article, ((g) decree) coming into force, amounts that the parties came to an agreement on foreign currency in the agreements mentioned in this decree, are determined by the new law as Turkish currency, (lira) except for the situations outside of the ministry’s decision. “

ARTICLE 3- This decree comes into force on its date of issue.

ARTICLE 4- This decree is executed by the ministry of finance and the department of treasury.

Source: The Protection of the value of Turkish Currency
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

1-What is the purpose of book keeping according to Turkish Trade Law?
Each tradesman has to;
1.1- keep business books,
1.2- and suggest the carried out transactions, financial situation, debits and credits and the results for each accounting period of its business obviously.
Books are kept as unequivocal for the experts auditing the institution. Business transaction needs to be followed from the business books.

2- What are the obligations of tradesman keeping books?
Tradesman has to keep;
2.1- Photocopy,
2.2- carboniferous copy
2.3- microfiche,
2.4- of the transactional  documents
in electronic media as written or visual.

3- What are the commercial book in Turkish trade law?
Commercial books in Turkish Trade Law ;
3.1- Day Book
3.2- Ledger
3.3- Inventory Register,
3.4- Stock Ledger,
3.5- Board Decision Book,
3.6- General Assembly Meeting and Negotiation Book

4- WHEN AND HOW OPENING AND CLOSURE RECORD OF BOOKS ARE DONE ACCORDING TO TURKISH TRADE LAW?
4.1- Daybook kept in physical environment, Day Book, Ledger, Inventory Register,
Stock Ledger are notarized before the opening and establishment of the company. Opening confirmation of these books in the following period, are also made by the notary from the first to the last month of the period.
4.2- Stock Ledger and General Assembly Meeting and Negotiation Book, can be continued to be used without opening confirmation on the of having enough sheet.
4.3- Closure confirmation of daybook will be reported to the notary to the end of the sixth month of the following period and General Assembly Meeting and Negotiation Book, to the end of the first month of the operating cycle.
4.4- Trade registry of the commercial partnerships can be made by the register of commerce.
4.5- If opening confirmation is made by the notary, they have the right to ask for certificate of trade registry.
4.6- There will be no need for notary confirmation in the opening of the books and the closure of Stock Ledger and General Assembly Meeting and Negotiation Book if these books are protected in electronic environment.

*** How Daybook in physical or electronic environment is kept and how opening and closure is confirmed, are decided by ministry of customs and trade and the treasury.

*** Day Book, Ledger, Inventory Register, Stock Ledger and General Assembly Meeting and Negotiation Book are also commercial books as well.

Source:Turkish Trade Law
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.