Process to close LAQC due to separation of partners
Question from Tawehi updated on 18th November 2010:
Our expert Mark Withers responded:
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.