Companies under Liquidation/ Judicial Management/ Receivership

Key requirements

A liquidator is responsible for the company’s tax affairs and must provide for full payment of tax before distributing assets to shareholders. Outstanding pre-liquidation accounts and computations and subsequent receipts-and-payments declarations must be submitted through the prescribed process. A company in liquidation with receipts files the declaration annually; one without receipts files once every four years. The reporting period can follow the 12-month liquidation account period without splitting by calendar year. IRAS does not issue a clearance letter in every case: the latest assessment and account statement help establish remaining matters and liabilities. Keep books and papers for at least five years after dissolution. Judicial management and receivership have their own circumstances and should not simply be treated as liquidation.