Winding up the business

1. Time to pay arrangements

2. Liquidation - consequences for company

2.1. General principles

2.1.1. Cessation of trade

2.1.2. Lose beneficial ownership of assets

2.1.3. Sale/distribution of assets

2.2. Accounting periods

2.3. Trade profits

2.3.1. w & e expenses

2.3.2. MV for stock and PM on hand

2.3.3. Limited relief for post-cessation expenses

2.4. Trade losses

2.4.1. Terminal loss relief

2.5. Group relief

2.5.1. Group relationship broken

2.6. Gains

2.6.1. Sale of assets

2.6.2. Relaxations

2.6.2.1. Group intact

2.6.2.2. SSE continues

2.6.2.3. No exit charge

3. Liquidation - consequences for shareholders

3.1. Individual

3.1.1. CGT on liquidation distribution

3.1.1.1. TAAR

3.1.1.2. TiS

3.2. Company

3.2.1. Proceeds on disposal of shares

3.2.1.1. SSE?

3.2.2. Consider income dividend pre-liquidation

4. Other methods

4.1. Administration

4.2. Receivership

4.3. Strike-off

5. Types of liquidation

5.1. Solvent

5.1.1. Members voluntary liquidation

5.2. Insolvent

5.2.1. Creditors voluntary liquidation

5.2.2. Compulsory liquidation