How do I wind up my LAQC?
Question from stan updated on 18th November 2010:
Now that the budget is over, I want to wind up my 2 LAQC's. How difficult is this?
Our expert Mark Withers responded:
It's fair to say that they are easier to establish than they are to get rid of. You will need to dispose of the properties then enter into a voluntary solvent liquidation. There is a procedure to follow to achieve this which includes filing the final tax return and gaining the IRD's consent to the liquidation. The IRD will generally need the following:
- Date the company intends to wind up
- Reason for windup
- Year of final return
- Date final return filed
- Details of assets and what will happen to them
- Detail of any assets transfered to shareholders at below Market Value
- Actions towards outstanding returns or debts
- Contact person for future matter.
Once this is gained you can apply to the companies office for strike off.
Mark Withers and his team at Withers Tsang & Co specialise in advising on property related transactions, valuation and restructure services and tax planning.
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