SearchProcess to close LAQC due to separation of partners
Tawehi asks:
(updated on Thursday, November 18th 2010)
Our Experts Answer:
The company can't be wound up while it is still trading. The property will need to be sold or transfered out of the company at market value. A final tax return will need to be filed dealing with depreciation recovery and the distribution of any proceeds from the sale. There is then a formal procedure to follow to do a voluntary solvent liquidation of the company that includes gaining consent from IRD for it to be liquidated.
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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