Comply with the rules
Series: Estates Gazette ; (0220) 18 May 2002, 221(1)Publication details: 2002Subject(s): Summary: Discusses the case of "Re Toshoku Finance plc (in liquidation)" where a landmark ruling by the House of Lords has implication on the way post-liquidation rental liability is treated. It was decided that corporation tax chargeable on Toshoku's post liquidation profits, including income not yet received, was a necessary disbursement payable out of the company's assets for the cost of winding-up and in priority to the debts proved pursuant to the Insolvency Act 1986 s 115. The Lords ruling meant that rents due following liquidation may be recoverable as an expense of the liquidation and that it is no longer a matter for the court's discretion, but compliance with r4.218.| Item type | Current library | Call number | Copy number | Status | Barcode | |
|---|---|---|---|---|---|---|
| Journal article | London Journal article | ABS65538 (Browse shelf(Opens below)) | 1 | Available | 118291-1001 |
Discusses the case of "Re Toshoku Finance plc (in liquidation)" where a landmark ruling by the House of Lords has implication on the way post-liquidation rental liability is treated. It was decided that corporation tax chargeable on Toshoku's post liquidation profits, including income not yet received, was a necessary disbursement payable out of the company's assets for the cost of winding-up and in priority to the debts proved pursuant to the Insolvency Act 1986 s 115. The Lords ruling meant that rents due following liquidation may be recoverable as an expense of the liquidation and that it is no longer a matter for the court's discretion, but compliance with r4.218.