Our long established family business is going to be liquidated in a Voluntary Liquidation to allow dispersal of assets to shareholders, some cash and premises. The business is fully solvent and there will be no outstanding liabilities. However in this case there is an unpaid Directors Loan to myself - I would be due more than enough of the asset liquidation to pay back the loan. How does this work?
Thanks. In honesty our accountant only has basic information on liquidations and has advised I seek a liquidation specialist who can carry out the work. Some of the liquidators I've approached are recommending third party tax advice to ensure things are handled appropriately because of company structures involved. Its looking like thats my next course of action