In these uncertain economic times, as a business owner you may feel that your company cannot continue to trade; your company may be on the brink of being forced into compulsory liquidation by your creditors or you may have identified that your company is insolvent and unfortunately does not have a future. Alternatively, you might be considering retiring early or taking up employment elsewhere. In any case, closing down your company may be an imminent reality. This blog will look at three different options available for doing so and the tax implications of each of these.
1. Creditors’ Voluntary Liquidation (“CVL”)
A company is usually placed into CVL when it is insolvent or about to become insolvent and the dire...
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