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Pre-liquidation accounts

Please what are the key things to consider when preparing a pre liquidation financial statements

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Please do i need to consider the expenses after the liquidation date in the preliquidation accounts? Or that will could be considered in the post liquidation period accounts?

Please what key things should be considered for a preliquidation accounts. The company has limited transactions but has investments and it is a subsidiary. Thanks.

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Psycho
By Wilson Philips
04th Oct 2020 12:18

There’s nothing special about ‘pre-liquidation’ accounts, except that it would probably be inappropriate to draw them up on a going concern basis (particularly if it’s an insolvent liquidation - in which case why are accounts being drawn up at all?)

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Replying to Wilson Philips:
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By I'msorryIhaven'taclue
04th Oct 2020 12:32

Where's Paul Brindley when he's needed?
Have West Brom kicked off yet?

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Replying to I'msorryIhaven'taclue:
By ireallyshouldknowthisbut
05th Oct 2020 12:02

You mean the spammer Paul Brindley FCA who got a bit miffed being called a spammer and had the thread about Midlands Business Recovery spamming people pulled?

Despite publicly admitting he used a marketing system to send out blanket emails to random accountants that had not opted in to receive them? AKA spam?

That Paul Brindley from Midlands Business Recovery?

Just checking for a friend.

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By Paul Crowley
04th Oct 2020 13:21

Not much information
I ASSUME that holding company has appointed you to try and make things look a bit less damaging.
The accounts are ordinary accounts but as Wilson says, going concern is inappropriate.
I would suggest the critical issue is a balance sheet that is accurate, and a serious review of intergroup transactions

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Replying to Paul Crowley:
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By Fum
05th Oct 2020 11:42

yes the holding company has appointed us

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RLI
By lionofludesch
04th Oct 2020 17:51

Who are these accounts for ?

Is the company solvent ?

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Replying to lionofludesch:
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By Fum
05th Oct 2020 11:41

The MVL team and the tax team for the final CT return

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By wingman22
05th Oct 2020 09:01

Is this an MVL or a CVL?

In a solvent Liquidation accounts should be prepared to the day before the resolution is passed. The costs would be paid as an expense of the process as would the submission of the final CT return.

For a CVL don't bother. Unless there is a TLR claim or other assets that a Liquidator can realise based on the accounts and your fees are paid as a cost of the realisation then you are wasting your time.

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Replying to wingman22:
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By Fum
05th Oct 2020 11:40

Thanks, It is MVL,

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