How do I wind up my LAQC?

Stan asks:
(updated on Thursday, November 18th 2010)

Now that the budget is over, I want to wind up my 2 LAQC's. How difficult is this?

Our Experts Answer:

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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