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Liquidation and Administration Expenses

Charles Goddard Partner Corporate Tax and Simon Thomas Associate Restructuring and Insolvency Berwin Leighton Paisner LLP consider the tax liabilities of a company arising in the course of an insolvency process
As a general rule the consequence of a debt or liability being characterised as an administration or liquidation expense is that to the extent that funds are available it will be paid in full from floating charge assets. In some cases the rules introduced by the Enterprise Act 2002 specify whether and if so where in the order of priority of expenses such costs are to be met.
The order of priority is critical in determining...

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