Commentary

D6.702 Insolvency and administrative proceedings

Corporate tax
Corporate tax | Commentary

D6.702 Insolvency and administrative proceedings

Corporate tax | Commentary

D6.702 Insolvency and administrative proceedings

There are several insolvency proceedings which a tax practitioner needs to understand, as follows:

  1.  

    •     Liquidation. This is an established procedure. There are four types that the tax practitioner might commonly come across:

    1.  

      –     the creditors' voluntary liquidation, whereby the members resolve to wind the company up but once they have done so it is under the control of the creditors

    2.  

      –     the compulsory winding up or liquidation, whereby the court is petitioned by a creditor (which may be HMRC), the company or its director, one or more shareholder or by the Secretary of State and whereby a liquidator is appointed by the court

    3.  

      –     the provisional liquidation, whereby a provisional liquidator is appointed by the court to protect the assets of the company pending an actual liquidation, and

    4.  

      –     the

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