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.

Company partners may lend to the company to overcome the company’s short-term financial problem.

Accounting entries should be as follows:

——————-/ ———————

100/102 (B)

331(A)

——————-/ ———————

The money lent can not be bigger than three times the equity.

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.

One of the prosecutions accuses Huawei of stealing trade information from T-Mobile, a mobile communications company, and promising bonus for its employees who provide confidential information.

The Department also filed an indictment on Meng Wanzhou, Huawei’s CFO who got arrested in Canada in December.

Huawei made a statement on Tuesday, stating they are disappointed in the US for taking legal actions against the company.

Geng Shuang, a spokesperson from China’s Foreign Ministry, demanded the US to remove the bans it imposes on Chinese companies.

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.

1.1- Delay İnterest
Exchange difference is included in the invoice belonging to the delivery and service transactions and it is liable to tax. Moreover, new delay interest resulting from the unpaid delay interest is also a factor of service assessment of forward transaction, and vat belonging to delay interest is calculated over the date when transaction is carried out.

1.2. Exchange Difference
Vat is calculated between the dates when delivery and service is made and rate is collected. In case of having exchange difference for the benefit of the buyer on the date of rate is collected, buyer is supposed to calculate vat on the date of rate is calculated for the delivery of goods and service.

1.3. Returning goods, Unfulfilled Transaction and Giving up on Transaction
If vat rate is changed due to the change in assessment, regulation transaction is supposed to be made by taking the rate of vat into consideration in the dates when delivery and the service of goods are carried out.

Source: Vat Legislation
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.