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The Irish Accounting & Tax Summit
Session 11 - Members’ Voluntary Liquidations
Session 11 - Presentation
This transcript was created using AI and may contain some mistakes.
Donna Sullivan joined here by John Murphy and he is going to take us through a session for the next hour on members’ voluntary liquidations after knocking off my own screen here on members, voluntary liquidations. So I am, we’re delighted to have you all here with us on James Booker. You’ll get a lot from this session. Elisabet should be after putting in a link into the chat box,
and that’s going to, it’s a link to your dashboard where you’ll be able to get the notes and downloads. So hopefully everyone get them, but let us know if you have any issues. I can pull up the link again. Um, so I suppose, I suppose, yeah, just to let you know that, you know, we’re open to questions,
right? The sessions John will do his best to address them as we go along. Um, and obviously if we don’t get to them through the session, we can have a look there at the end and see if we can answer your queries. I don’t exist a whole lot more to say, I’m going to transfer over to John and John, I suppose,
and liquidations in this COVID-19 is this something we’re going to see a bit more of liquidation liquidation? So obviously there might be a lot more creditors for different reasons. Unfortunately, we are seeing companies into liquidation at this time because I’ve transferred to do nursing. Is that those type of people who are taking them out, doing it from scratch again, let’s say when we finish liquidations,
finish the business, as you say, people were possibly thinking about before and rather than going through the hassle of fillers and backup the company, maybe, you know, if you’re after completing classes are a little bit, maybe like people tend to, as you say, burn their cash. Now that’s an option for liquidation. So know what do we need to do?
Obviously, when you’re going into liquidation, depends on what are you looking for? Release source return, leave entrepreneurially, or just want to be taxed and try to treat the center in the first place. So in order to make it as well as easier to join a liquidation process, there’s a lot of free planning that can be done to make sure that you have the company lit,
ready for liquidation and for liquidator to be appointed under liquidation at tax aspects, then we’ll look at potential relief out there. And what are the triggers? These are outdoors release and go to action posts from a company perspective, et cetera, as to what must be done from the point of view of the members, as well as placing it in liquidation and then from,
from the liquidator and of themselves. So if you’re looking at acting as liquidator or low quarter, the pre-appointment what you need to do in our corner off here, that’s the antimony in honor and perspectives or offer risk management, what you need to have in place to ensure that, you know, you’re a coward. And then just as well as the process for liquid around appointment joined appointment and completion.
So in the handouts that we’ve given a kind of a pre appointment checklist, which, you know, with your users and we will be getting appointed as liquidator, uh, you know, so it’s a good base to use then our checklists for, you know, honor on appointment, uh, during and post completion, I would check the stress of all is that keeps you on the right track and that you,
you take off the boxes like, Oh yeah, I need to do this, this, this. And it’s sort of easy for someone that’s under liquidation to tick the box and say, I need to do this next, this next to this next. So that’s not and fall short of track practice because if you have a couple of iterations of the goal,
sometimes things can fall through the cracks. So I will say, just go back to the checklist, see what we’ve gone, see what we need to do in relation to it. So again, this is this summary checklist as well. We would use that we are going through that kind of creation that we’re winded over. I think it should be, you know,
should be used as a base for your sounds as well. Ultimately, you can pick a health monitor from Lynch monitor compliance can use in relation to them. Wait, that’s actually John, I suppose. So the point here is like, it is a solid liquidation on India. It’s a voluntary liquidation point at the end of the day, there is still a framework.
Um, you know, that has to be adhered to, um, you know, there’s filing requirement. You know, you have to, you have to follow and all the steps in, you know, in the correct order and make sure timing and everything. So that’s, even though it’s a voluntary liquidation or there a standard framework to follow in, its those,
it’s good to be aware of this at the start and make sure you start as you mean to go on, I suppose isn’t it. Absolutely. Yeah, absolutely. We talked to her probably no possibility of an option COVID-19 to start just when I can go to that again. And I suppose the question would be, are you into a liquidation process? So somebody who was going to,
uh, members, why don’t you liquidation company has ceased, you know, on narrowed. I just want them to finish up and there’s no, obviously if you believe here, cause it’s probably not much. I said I wrote is there the reason why they want to do it is because to go down under liquidation, it was supposed to work with the fund strike off route.
Is that if you go down to liquidation roof, you know, your company, green state have been two years now to the company being dissolved. So it just protects from predators on backwards. If you go down to the volunteer, strike off road, in that particular case, you know, a critical attention, but bring back company up in 20 years.
So that’s attracted also liquidations. So if the company has ceased high school, it’s a pre detailing out in advance, not working. You want to do it, you’re gonna close your bank accounts at all the ones you don’t need. If you have pawns in the bank account, I would say, just make sure that, you know, one bank account just to make it easier for liquidator,
like cheaper for your, the companies themselves are members themselves liquidation free, you know, deregistered free tax rate on payroll, vast if your CT and you no longer see restaurants, bonds, and relationships, if it is, that’s a situation where you have staff and you’re finishing well, then it’s probably easier rather than have liquid or a wall to make, to go on that.
She set at that point in time, we have to caveat that we will talk about entrepreneurial relief for that relief. Yet the company has to be trading department of the liquid air. So you need to be careful that, you know, for an entrepreneur or in case you want to get there, need to, you need to make sure that if you are trading in relation to,
um, if there’s a attached to properties. And so if you are just so obviously if you, it and liquidation, the company can distribute our sister, the members in proportion to the writers are shares. So that could be probably loans. No, sorry. It could be cash. It could be whatever article B property that’s a company on. So you can distribute a property and species,
uh, liquid arrow can, um, what, I suppose if there’s a loan attached to that property while on stamp duty, we pay on the label on the mounted loan. So sections far, do you want to stop consolidation that require a to replied in those cases, obviously in our rent that what you would try to do is you would say, well,
look, I’ll try and refinance this. So the members or the shareholders will go to the main crushing<inaudible>, um, you know, we want to pay off the loan, the company, and we want to take that Beto personally and are on there. So in our two effects, we prevent a stamp duty under label, the laundry transfer. So there was no loan at the time of the transfer.
So in order to do that, what you would do is you would, I’m trying obviously easier said than done. And these times where just to go to the bank, get out of the one house, use that money then to invest in shares, subscribe for shares in the company. So now use that money. That’s been subscribed for shares to pay off the loan.
Now you don’t have a loan in the company. You can distribute the property in specie without any stamp duty. Cause that distribution species predation, isn’t a standard document in relation to that and that’s, we should stop. And it just, sometimes we get a question, you know, when you start with an instrument, not stomping as that is the box that you take when you’re fighting this down Trudy return,
um, in relation to just, uh, just as well, Derek, Sam pertains. But if you missed him, you know, can constantly know stomp triggers a 700%. So it is a significant cost. Charlie, John, actually, you haven’t shared your screen there. Have you and Sorry. I thought I had, sorry. Yeah. Sorry.
I was focusing a lot. You were saying there when Sam Is on shared those, I know most people have slight separately anyway. Um, as well as in know, if you are going down the liquidation, you know, extra texts, freedom songs for the director shareholders like, so it’s actually, you know, if you’re an office holder in legislation where you are entitled to an expat of your payment,
you know, so pending, this could be your, your basic one is your ten one six Oh four seven six, five, eight years of service. And if you, if you haven’t got a pension on someone, you hadn’t got that an increased amount of you can turn an additional amount of 10,000 and that’s for every year, you are a director. You don’t necessarily have to employ that while you are a director of that company is enough solar effect as defining the way you have to get the tax free gum stone as a faculty to CSP and relationships.
So it’s fairly structured to see, can you get the highest tax rate on some, you know, we know what the maximum amount is 200,000, but maybe the last three years, if you’re, Tinkler going to glacier, you pay yourself a little bit more so that you can get the highest amount in a tax rate on some possible planning. I suppose pre-planning in relation to that.
Um, likewise pension contributions, uh, that you’re looking at that look, is it worthwhile to use some of the money for pension contribution? Assuming you’ve got your service there. I forget the texts try to treat present well, because there’s no release. So maybe that’s an option to the side. We’ll look, we’ll get some money contravention contribution before we go on to liquidate this company and all sort of the,
you know, on timing, your pension contributions, if you’re, I want to see, obviously in order to get a tax deduction, you want to make sure that, you know, the company is still trading in relation to a pension contributions, getting rid of bad assets. So like, so we’ll talk about the tax rebates available. The retirement makes an example.
So if a company has gone into liquidation that says has investment property, um, this, the chairs, um, uh, uh, investments in, in a non-trade charge blasts, um, well then in those little cases, the way the relief works for retirement leave is that when you’re looking at your, your time relief claim, you look at the max value of your company and you’re taking that magnified your company by,
by the total business charge velocity over the total charge of glasses. So if you have, um, non-business charge glasses went in there and you’re literally for apparently purposes. So it might be good that you would get rid of those bad acids before being placed, simply predation so that they’re not going to have retirement leaf on that and on the correlation scenario. So it’s all about thinking about it,
looking at around, and she’s seen much and watch, we need to get rid of the, you know, I suppose what we’re on about retirement leaf, um, hair Tash, et cetera, I suppose, cautious, not a charge of last semester from bank accounts. So I suppose, you know, if you have a company that, you know,
has a significant amount of cash, this balance sheet, but it has at least some charge of business and not forget charged with business assets are assets, which you have a claim capital lounges on it as well. So if you have those of as is on your balance sheet, although you might have a significant amount of cash, you’re relying on Dennis and I just the form of say,
well, look from a donor relief, we’re taking our, our total business charge of business as so reporting charges with assets. And if the only thing in there of charged assets are the items which you say capital lounges on, well, they ended up pick a case. You get full relief regardless of the cash position, right? And you might like it,
but it’s, it’s the way the alleged performing works for as that compares to entrepreneurially for that product legislation pharma isn’t isn’t there. So for entrepreneurial relief, you’re looking at, you know, is it Hallie? I mean the, uh, a trading company, and if your excess cash greater than 50%, there is a risk that revenue could say, well,
look, that’s not a trading company because your cash as excess cash asset, as a restaurant, you might get not get entrepreneur ready for those cases. There is an argument for some cases say, well, look, this is only castles accumulate the last two or three years because it’s, it’s, um, it’s, it’s accumulated from the trade that you might get over that,
or just, just, just be, just be conscious that, um, so the key point, I suppose, is planning in advance looking and seeing what your future plans and what you need to do to make the most, to get the most out of the liquidation process to keep right here. And I suppose would probably have dealt with in the later slides is revenue,
obviously don’t, don’t want, and don’t like a situation where let’s say John Murphy, I, whatever I’m running a business, make sure your business, I set up my company, happy enough, quantity number of years. And I say, okay, I want to get liquidation now. And I’ve kept my money over, essentially, what are 10%, 0% are trying to treat percent okay,
get the money out. And I start up another company and do the very same thing. Obviously in that case to section eight, one seven, that the legislation which tries to tax that dividend, that, that money on that a liquidation as, as different the faculty into and subject to income taxes, it’s an anti avoidance rule. It’s Indus just be constantly that you can’t obviously stare for a reason.
People setting up companies taking over CGT rates and then going and setting up another company doing the same again. So just if the legislation eight one seven is kind of badly worded, it says it’s common. In most places, seven liquidation isn’t necessarily quite a company can do. What if you’re into, are you on dash you’re into the appeals process in court?
So it gets experienced. So I suppose, just to be conscious section eight, one seven in these endorse cases, um, as I said, see, session trade possibility. So I talk to section five, nine, eight is sort of triumphantly section four, you know, suppose I would say to family, which would be the case here. So,
you know, I’m not going to go into retirement and they’ve heard today, it’s effectively, if you’re 55 years or over and under six 66, four, then you have a threshold at seven 50 Brockton, the business for, uh, 10 years, uh, as a director of fiber, which she continues on a condition 10 years, period, windows,
10 years. Um, and it’s, it’s a whole year of mainly trading company where then you will get to relief, uh, all BSA, as I said, you know, watch the assets on the balance sheet. So as I said, you know, if you’re have non-trade charge blasts on the balance sheet of liquidation, that would dilute your relief.
So you might need to get rid of them in advance. Likewise, the way the legislation ledges reform and fight on it is blocked. If let’s say you have whatever cars, vans, which are used for the business capital lounge fandom, and then you go into liquidation and then you actually your distributed doors at the liquid air, this you stores cards, vans tools as distribution and Spacey,
section five, nine eight says that endorsed cases, you actually dilute your retirement money. You’ll get software, those incidences, which will be suggested nursing. The liquidators should settle that. Cause we’d obviously never keep one charged with business ass up to date liquidation. The liquidator would then sell those vehicles or whatever else it is, or two or whatever constitutes tutors directors.
And then, you know, get the money in from directors are the juice, reduce it by the amount of distribution that you’re paying, especially you don’t have charged business as some industry SPC policy that can be sometimes this is property, let’s say a Landon buildings, which has been used for the business in order to prevent retirement relief solution. What you would have to do is make sure that that property is sold by liquidator before at the distribution of it before,
uh, not distributed in spaces in our prevent solution, retirement relief. But if you’re going to do that, you’re going to have a cost of stamp duty is seven and half percent just to be conscious of that as well. You know, that, you know why that, why you’re going over the delusional relief. You have stamped to be a consistent transaction in relation to staff,
in relation to London managers, Actually, John, we have a questioning there from a data. So if you have only cash and dashers on the balance sheet and you liquidate, can you claim retirement or in entrepreneurial needs? I suppose it’s a little bit riskier. So because the retirement relief a little bit, um, is a little bit, you know,
it has that nice form that you always would like to have charged was not sit down, get into excess cash, but revenue, in that particular case and plan, she got into an argument with you saying, well, we’re going to add dilute retirement, leave here because the debtors is fine. Cause that’s not an issue that’s just trade like the standard success,
you know, buying like that. That is, that is trade-related, but yes, cash and significant amount of cash there. And they will say, well, actually we don’t feel that you should get the relief here. We want to get, we only think that X amount of that is a true trade crash. So as a result, we’re going to dilute your city.
So you are at risk of the relief. If you only have cash on the balance sheet fraud normally really specifically, because I would say to Jackie wholly or mainly a, you know, a trading company. So, you know, a company with access cash effectively, 50%, isn’t a trading company. I do believe for entrepreneurial. If you have an argument,
if the company has only made those profits over the last number of years, accumulating year on year revenues, attitude is also always a joke. You just held that back to having a sort of liquidation scenario. So you’re at a little bit more risk. If you have to have an debtors, you know, fixed assets like that stock, like they are all that,
they’ll be all fine when you’re that, because you know, then for currently for not looking at the charge for business as farmer, just having an argument revenue as to what a business asks and what’s not business assets, so you’re not in this strong. So that’s why I always say I could comment for retirement. Our liquidation always make sure you continue to maintain the cat.
You know, the assets from place, you have capital allowances on so that you can fall back to legislate formula my revenue. Don’t like the legend form. That if you’re, if you, if you’re, if the company is trading up to the point with the liquidator, they can’t, if they have concession that, having the slide here, that it displaces liquidation at six months,
and there’s some preliminary activities to saddle the assets as well. That’s fine. There’s no issue there. The only thing that revenue could pull up with this whole lot of excess cash in there is that Andy Ryden sandwich, while we gave you a concession, we’re taking off the table because you’ve built up the excess cash. Personally, I haven’t seen it being pulled before,
but I always say there’s a risk in relation to that six months to treasure quality can rely on ledger form. The concession has been always just a concession revenue can say to put it out on the stage. It’s not like something that’s in there in relation to it Just on this. Maybe this is a very silly question, but obviously you’re talking about having excess cash there on Dan.
I suppose if you think you’re going to go down the MVM route, but you know, if you want to try and, and I suppose use some of your excess cash to, I don’t know, maybe maybe stock or, you know, other charged with business assets mean would revenue at any point look back and say, well, you just, you literally just did this to,
to make sure you don’t have any excess cash on your, on your balance sheet. Well, as well as<inaudible> says, you always maintain the things that’s not new just coming in the whole time, but there is an option there to try and invest that money into a pension scheme, get rid of some Vernon’s termination payments, unlike parts of some of the property and equipment before on your not necessarily do I have to tell you I’m going into negotiations,
but tell me if we don’t like to find doing that, because if you’re buying a cash or you lose the value straight away, the minute you buy it, you know, so whatever it is, an option I want to take, and it’s not whatever, as well as potentially having, you could look at it, but you know, you’re kind of planning and advanced and sort of applying advanced and not doing all of this at one point in time.
I wouldn’t mind about Joe getting rid of the business assets, you know, the non-business ass fraternity before, because that’s just prior to the farm, you do have to just disclose, have a, have a step cross in relation to it. And don’t just do everything as well. I buy a whole heap of stock here does that. Your problem, neither.
If you buy a holding stock, you have to sell us on your selling them. They could air selling yesterday for is he going to get the same money as water you will get if you aren’t<inaudible> okay. Thanks. Section five, nine, 7:00 AM. Liquidations is not in event, so that’s entrepreneurially if it’s not in the legislation. So it hasn’t been put in there.
So as always, we don’t really like having concessions related into legislation into legislation and five, nine, eight, but to have given a concession that said in a liquidation scenario, that they will allow entrepreneurially the 10% tax and it is required that they could enter the company is trading up to the point and the liquidator. That’s not always practical. It’s, you know,
I suppose that whoever made up this concession, you know, is, and isn’t taking counter liquidations practically in the liquidators risk in relation to a, a, you know, if you’re going down an entrepreneur, really, if you need to be actually training at the point of that time, there’s fine to quite as trading. I was just number of case law out there in relation to it.
So, you know, if you stopped doing sales, that would be a little bit worried. So COVID-19 like, I prefer you to promote for a little while and have some sort of sales at, in relation to it. So, you know, that there’s kind of proving to a certain extent, just say, it’s your opening substance, as opposed to when you see a matter of fact,
when did you cease trading? So I will say, keep working on pitch, shopping along, please keep raising sands invoice to a certain extent, just because the sales invites are declining over the last one or two years, doesn’t necessarily mean, I think based on previous case she’s trading, but you need to be careful that you keep an eye on that to make sure that you have a,
you know, say is going true. The fact that under stocking the balance sheet at a time, really gratifying, that doesn’t even sensei you’re not straining, that’s just could be taken based on the previous case law, we were just the liquid. I was just selling stocks. You need to make sure that there is a certain amount of activity going on,
and that needs to be weighed with the fact that liquidator doesn’t want to be taking on a full business, you know, from scratch. So I said, well, that I know from our own experience, you know, know, taking on liquidations for our, uh, the company is still trading is, can be problematic. Cause you, you still mentioned have employees there,
you know, Coby that maybe you’re taking them off and you’re sending the company down the business straightaway. Wouldn’t, you know, you always have the right staff, you are liquidator, potentially getting appointed that in a non real case that you just want to be aware of the risk management from your own perspective, as liquidator be aware does not achieve option because there’s always some homes that could be employees have an issue,
as in relation to her, you know, it, it can be a long process. So I know other other case where, where I’ve seen is that where, you know, maybe all the hard work was done before liquid arrow came in, came in and got to find them the day after then the businesses sold. So it depends on how, how it,
how it’s working, how it’s being structured. Is there, if there’s an option, but the key thing is timing, getting it right, making sure to liquidators, appointed them before the company CSUs, whereas retirement leaf, uh, you know, you can do it within six months as we said. Um, and he asked us all within that six months for retirement leaf,
which we’re charged with business assets can be taken to accompany the farm, um, as a result. So as I said, we talked to access cash for client requests, entrepreneurial leaf, uh, just, I suppose if you’re, uh, you know, we all like whole codes and sub codes and that’s nice, but sometimes it’s not as it’s a bit more work to online them or liquidation care.
So like if I have a whole call and I saw, um, I saw on SoCo who, a trading company, and then I liquidated HoldCo after our sole SoCo, you won’t get entrepreneurial relief on Holocaust because the company wasn’t a trading company prior to being placed into liquidation. So I wasn’t trading on to liquidation. So I potentially ready to get over that potentially here for currently or leaf is that I suppose that the whole goal is placed into liquidation,
but the subsidiary is still trading and the whole is still there in relation to it. Um, and then the silk called, let’s say, if it’s a entrepreneurial relief, same, you might distribute to sub court. And species of the members came out from everybody from that because of the fact that it was trading it’s time with the property placed into liquidation.
Man, the shareholder would have a highly based cost. So if they sold it afterwards to have a high base cost, but still have that, that have been distributed out by the liquidator, which would take, be at market value and received in their hands at that point in time, that wouldn’t be the case in a retirement situation, because as we said,
the shares, would you charge your business assets? So it would just dilute the retirement leave. So in that case, you would have to make sure that the two cohorts, you know, saw the business beforehand and divided the money up to hall, and then the money will be distributed to the members. So as long as there’s been more work and wild indoors,
just be aware of it, you know, where everyone is soya Hong Kong because Hong Kong, is it just a bit more work at when you want to unwind the transactions and do the release supplies? We said, I talked to a section eight, one seven eight one, one anti avoidance sensation, just starting up companies, getting the money out, CGT, start another one.
So why they’d be okay. Let’s say if I had a company and let’s say we come to the end of my line, you want to liquidate it. Maybe I’m sat and I’ll put different parties in the transaction. Well, then I have, we’re going to treat a reason as to why, you know, eight one seven wouldn’t apply. As you said,
there’s no stamp duty on liquidation. We talked about the structuring of the loans. It starts attached to property, how you might invest chair and chairs before that stomp treaty retirement set it up. It’s this turns out not valuable to, uh, to stomp Judy in there in the dropdown menu and some jewelry filing in front of point of view fighting. And then also just scratchy advantage,
maybe have access cash, pension payments, just make sure, you know, you’re reducing your risk by making those payments. It’s gravity payments are, they’re a very good mechanism. As a matter of fact, this is enough solar. So you have up to 200,000 in relation to their associates. And sometimes the business has been running for like 20, 30 years in values,
all that theory, but there might’ve been there wouldn’t be, if they’re on as a director, they’re taken to be charged two years, let’s say in my example. So I suppose some water points just practically from a liquidation and tax perspective on this problem on a point. And what I read is from the point of view of the liquidator, once a company is facing liquidation,
see session, I’m going to an accounting period from a tax perspective. So, you know, you’d have to have a tax return drawn up from the last fraternity. You carried out up to the date of being placed into liquidation. Just, just be conscious of the fact that when your patient liquidation, this brings forward the filing deadlines. So let’s say as your place in liquidation on 30 to June and use your December year end.
So you’re tardy to June is they are facing liquidation, um, sort of the fighting for let’s say December, December. And that example, the year end was already fine with a teacher almost gone in prior to filing for the 1st of January it’s Harvey, June will be due to be filed with revenue within three months of being placed into production. So technically be the 20 targets of the term month.
So just, it does bring forward fighting at nine. She just watched us that also brings forward preliminary tax deadlines in relation to it as well as, so that that’s all also brought forward. So just be conscious of that there as well. Um, just some water points just practically are good points. Just remember from a tax perspective is if you have charged or business assets,
and I hadn’t said this in the tax section, obviously, if you’re, if your distribution property charge of business assistance, BC to members, there’s going to be CGT on the, on the difference between the market value of the, let’s say the property data, which is distributed to the members on the base costs. If there’s additions or BCG team attention,
it’s hard to treat center in relation to that. And so just, just be conscious that that CGT obviously is to be taken into account net courses to pay a credit company. Um, so let’s say in that case, in this case, joining your liquidation, that you ended liquidation, you have been trading, et cetera, during that period, um,
and the charges the charges would gain on a property that you’re going to distribute and species, assuming let’s say we’re doing entrepreneurial leafless production case. So what you are permitting that creation cases that because you’re trading the charge road gain that you have on the team stores and on distribution species and members can be, can be set against them, the value racist against the losses.
So the losses that were majoring that period against the charge of the game, but just to make sure that if you are going down that road, that the property would have to be distributed in species before the trade ceased by the liquidation. Uh, just, just, just be aware of that one as well as it’s an important point that can give some tax relief.
If you get it wrong, you won’t get relief, don’t remain under the patient period. So just, um, I suppose that the process itself, thing of the liquidation, um, sorry, I’m just from a tax perspective, uh, section five, seven monitors just want to watch, if you are distribution of property and your liquidator and species, you are technically be accounted for Carson just to dissertate and go away that you should be doing that technically on share a counter person.
There’s a charge. The business testers are farming. They could enter to register for income tax, making it clear that you’re registering as a result of section five, seven one, which makes sure and the counter person on you’re also required to file a form. One faculty would revenue in fact detail. And the fact that you’re putting in the details and paying over to tax to tax,
there’s actually in the tax of 20%. But the way that works practically is that let’s say if you had a, you go and calculate your CGT as if the company was trying to dispose me of itself. And if you’d lost, as far as you grow and utilize damage your word, and then you just regrow it to 20% showing it as case for on your farm,
on, in relation to it. So, you know, timing deadlines in relation to income tax deadlines. When you go on, you find your<inaudible>, you know, you’d obviously put in your charge, we get, you know, your, your disposal of the charge of asked to stay on the Redmond section CT. One, what the company with the revenue we are to link the payment of the tax under the case score and save that against the payment,
the tax and the chargeable gain and the property is as being the payment. So I suppose it’s just a practical application out at his apartment at, you know, sometimes they missed us, but technically on the legislation, you know, you’re supposed to register for and contacts, they’re all B to B fine filing that disposing the CT one as well, just to be conscious of that and watchdog and how our distribute and charge glasses,
business receipts. There’s a requirement to put in details in the form. One like the details of property to cost the deductions that took me lost relief that you took. If you are taking, you know, a section three, nine, six P value basis for losses, Jordan liquidation, you would also need to put that in there as an addendum to the form one.
So just be aware of athletic domain tax issues that I see practically, I thought needs to be, I suppose, considered a joint, the whole process, then the process itself. So in order to place company, um, we’re looking at section five 79 legislation factory in art, it says in ours liquidation, and then to liquidation, you have to carry out a summary approval procedure under section two Oh six on two Oh eight of the company’s act.
So that’ll say Korean chart means that, sorry, two Oh seven. So what that means in sharp is that directors it’s a farmer. You on site directors do up a form. You won’t stop, which gives details of the Austin Wood entry monster, the company being placed. So I’m going to Treemont stop the declaration. What are the estimated they’re then making a declaration that the company would be able to pay their debts within 12 months of going into liquidation.
So just to be aware, all that, that, you know, it is a declaration out of statute. I probation, there’s a requirement on a section to await that the audit will put an auditor’s report on that, to say that the declaration made by the directors is not unreasonable. So even though your audit exempt, you still need an hours report.
And I about, well, this is relevant to risk management that will see if you are an owner of that company. You can’t be under the standards of practice. You can’t be, um, you can’t be liquidated about accompany. I think within two years of being an author, Robert. So it’s just to be conscious of that as well as that’s really,
the procedure wants to declaration is Donovan signed. The majority, the majority directors had, then your next step is the factory, too. If you’re doing everything on the same day, just, you know, data timestamp, but then the auditors has to appoint on itself the same day. It makes sure they put the date on it because after the date,
the time of the declaration by directors, I’m on sat stone, then the members at pass a special resolution I’ve seen these times usually be written a special resolution to effectively placed company to operation and refer to the director of decoration relations. Once that’s done, then the company is in liquidation, um, wanting our data, forget to say, right, entrepreneurially,
if you’re going down, entrepreneurial leaf was part to concession. They say that your liquidation is to be finished within two years of being placed into liquidation. Just be conscious of that. If you are sending a business and you’re trying to send him off, normally can liquidate our solar business. Make sure no, there’s no deferred payments phone beyond the two years effectively.
I’d be saying maybe don’t let the four payments call beyond 81. So at least your dream wants him to<inaudible> you meet your requirements are in that concession. That’s just as an aside, are you pulling them apart and fine too? Especially Ron from works more than likely you could be seasoned, you know, all together, but you could actually be selling the business as well,
which would mean to be sales consideration potentially. Then it’s just to watch the key dates 21 days such make a declaration needs to be done 21 days. It’s very important to declaration resolution. Everything is correct. Cause you get that wrong when it goes to liquidation science gone wrong, but then goes into<inaudible> creditors launch information. So you just need to be conscious of that.
Um, you know, usually in these cases, what I do, there’s a requirement for liquidator, uh, you know, obviously in liquidation fees are approved. Um, so you will, the resolution there, I wonder, is that an AGM or a written resolution to approve liquid? So you in relation to it so practically from risk management, what we do that it’s just a kind of one or two pages saying,
look at where we were. You know, we reached take on the liquidation board is subject to X, Y, Z. The company sees trading stays or whatever it is, the company only has X ways out of acids so that everything is set out in stone under Paul’s liquidation fee is whatever amount it taste. And this is payable in installments based on,
let’s say on a point when, on a portion of the property and the things like that. So that at least it’s done at the AGM and you’ve got it approved if you don’t get it done at the AGM, technically in order to pick a payment on a, on a count on it, you have to get a, an ordinary resolution, John,
with the members for the liquidation and you should, and you have requirements to file up to CRO as well. So this prevention CRO usually that the way we did resolutions, we refer to with regard to letter dated X, Y, Z, from John Morphy to liquidator, we approved the transactions under section six to seven or six, four res in relation to the fee on the payment of with Plains tongs.
We don’t necessarily see for years in the end, the resolution that’s exciting. There’s a requirement for our section two away otters apart, as I said, time is key to 21 days. I get to consented liquidator. So like far liquidator, practically, depending a harder you’re doing the paperwork you, you won’t get, you won’t agree to you. Won’t give a consent letter until you got to share.
I was in diamond, are shareholders in diamond. So effect you you’re agreeing that the members are going to identify the shareholders front CGT costs, taxes, liquidators fees, outlet, um, joined up period and signed by element by all the members so that if things do go wrong, you have that Cheryl’s with them. And once you get that Cheryl’s and damnit standards,
you can give to Nicholas consent to, to act. Um, Dan wants to, the meeting has been having the resolutions past affect me. It’s then just, um, a letter from the director of secretary confirming upon a meeting X, Y, Z, you’re appointed there, it’s down to lick veteran’s liquidators at a time to, to start doing his work and relationship.
Actually, John, we just have a question last in France is that to come back with an answer, but maybe you can just explain it to have an oldest exempt company can be counted to act as a liquidator or do you need an independent person? So you want to go ahead? Oh, no, no. So go ahead there, John. Yeah,
Technically, you know, there’s not in the legislation companies act that prevents someone there. So it does send falling down to your, um, your accountancy as well as ethical standards in relation to do a bit to it, like how the work that you’ve done for that person would a third party perceive this work to, um, to, uh, you know,
change your objectiveness assimilation to being appointed as liquidation. So I suppose it’s not prevented, but you need to look at your own risk management as to how you prevent, you know, uh, non objectivity, because you would advise maybe on a tax aspect that we’re taking our you’ve advised it within two or three years. I have a transaction that while it may be,
we’re actually not allowed to take on this engagement. So it depends on the circumstance with that, as well as the answer to technical answer from company’s perspective, it’s not, it’s not the scenario from an accountancy branded perspective. Um, that’s, that’s where you need to look at. And then just a statement of insolvency practice for speeding, fixing issues like this.
They say, well, look, there has been any textbook or any type of work like that. You need to look and assess. So you see if it’s material relations last two years consider if you were drying us, I know Joe finds a central site and that you need an independent are there institutes and wouldn’t let them go ahead with, so it probably,
maybe depends on case by case and maybe the institutes involved, John, It wouldn’t be the best practice that’s okay. Okay. Gotcha. Gotcha. So just have a look at that check. This is what you very quickly, because I’m dealing with them as I’m talking anyway, has an acceptance checklist being at Dawn. So we haven’t except to check in the downloads are in your,
in your pack. So effectively before you take on, as they’re dying, you have to figure independent checks. Like we were saying, it might be odd example, we’ve been bothered with them, sort of. We need to look at it as standard party here, like a material relationship in there. I know there was a change there that was issued hard to start this year as well,
given Fargo guidance in relation to this. Um, so are we independent of Tanner AMLO so before, you know, you get your, whatever you need to do from their perspective to confirm beneficial owners, add document in the background to call me to ask, did I release that? Are there, uh, you know what, race cars at a trading company,
you might be higher risk than it will be a CS company. How’s it been? Have you been not in the last 12 months? If you have, well, then you’re not allowed to do it anywhere. And even if you haven’t touched in trouble before, and once you set out to ask the question, what is a target party? I think your objective as a result of taking on this engagement and being there,
being interviews with, to the right, just so you know, detail across there, watch that from books, you’d assess the risk. As I say, obtaining the independent and the indemnity from the shareholder. So we’ll just go into the packager. Now I want to go through some of these. So there are just, this is an example of the resolutions that you would,
that the members or the Pinal in relation to us. So you can see here, the, the provision in section 666<inaudible> section 67. So that’s the powers of director and you have to sell assets to what they want to do. There’s also an ability to give to them so technical and that the director is appointed. He takes over to he’s, he’s in control of the company in relation to what you can give some power back to the directors under the legislation as well.
And as you make it specific, so maybe the power to sign the CT one in relation to it, just find your iron liquidation. I was used as a requirement that you do a CT one from today, you know, Sam’s Navarro’s circle was 12 months unless liquidation was appointed or ceased within, within the six month period, which you have to do a CT one and pay over your Texas a M relations,
not just, just as an aside and then just, just to prove it of liquid<inaudible>, you know, it’s probably a good idea to just refer to a letter or you say the mountain new songs in relation to acceptance check. This is just an example of say, it doesn’t have to be this name and the company searching for the company, any satisfied charges she wants to make sure that that’s done.
Now have the last set of accounts been submitted. Obviously, if you’re going to liquidation at December year and you’re going into liquidation, and let’s say any RDA charges, September, as long as you have the 30 September, as long as you want,<inaudible> September, uh, you know, you don’t have to worry about doing the counts for the shares,
just do it from a tax perspective. You don’t have to pry it on me and also somebody who will out go in, regardless of the delays in, uh, in, uh, finding the accounts I say in the CRO, there’s no legal bar, independence issues is funny part of a group. Um, so just understanding what you’re getting invited over and showing someone’s looking at your files,
how you did it, has the background to the assignment. So while the Dawn, how was it, how would the come to us realize the value of the assets? And obviously you got paid, what type of environment is it? Uh, other lenders there, you’d be hoping there wouldn’t pass the plan strategy upon appointment. So if you are not familiar with the,<inaudible> send it out,
they after are we going to pass in liquidation and you know, continue to trade for awhile. Maybe they send a staff off on them, you know, going to down all together, our Harvard business sale afterwards in relation to it, you know what the assets are, there are running us, which, you know, there’s reservation titled safety, you know,
legally shoes in relation to change and cancer. I will see you. Wouldn’t like be in parts of liquid there. So I was make sure that the nanny, that issue them, I get them confirmed around on these. Cause if there are well, then you need to be a pony. Majority is open realizing that this can be liquidation. I can go on and on again,
how previous rocket even carried it, ironically appointments. So standing reasons why you wish to be wouldn’t wish to be associated. So it’s all a question, a question that you would have in our backup, you know, anyone come in, how did you assess your risk when you’re going into this staffing? Have you got to probably staffing there, you know,
throwing off that to fees in relation to us, uh, you know, money laundering, as we said, as, so just attended, looking at directors, getting details of the business, you know, on the YRG spots, spots, all the risks out there. And what is it trading? How’s the trading, when’s the cease trading at all facts.
Don’t pardon? So property valuations that we should be asking science to get, if we want to, the distribution is basically there’s assets there. And yeah, they’re all like, I’m not going to go on every basis. GDPR is obviously a thing that you have to be aware of. Hey, you know, you will come in. I know a lot of it will be covered.
You’re asking an accusation for the company, Berkshire dealing with employees and the calculator as a firm. So usually that said, John Morphy, carrot on the old tax NIGO, John Murphy’s out of city point liquidated, the army who talks. And even I might be doing some palpitations for I’d say don’t and is, are X of payments. Well, then you personally information.
So there needs to be GDPR letter. I send my example on the whole tax, on them, on the company, those cases, again, contingency, liabilities, like that, that are on the balance sheet. You need to need to look at that again. And then once you’re happy, then you can provide a letter of consent, a subject to getting the indemnity.
So before you got there, give that, I always make sure I got them. They send you’re assessing, what is it? You know, I made a note on how we’re going to reject it again all there. So that someone’s looks again, watch the puppets. You do. Pre-appointment, you know, it’s not going to go to them. Hey,
these are just as tasks that I said, what are you going to do before you went to liquidation? You know, not necessarily text button, bank accounts or HR, all of saying tax returns are filed as like sass house exact could be neurocognitive across. So when you’re doing upper state and mass and liabilities, do you want to assess for our, my cruelest liquidated and say,
you know, the accountants you’re doing the pre litigation tax returns, how to Anthony and true inclusive lateral exclusive. So usually if you’re carrying on business, I would say, it’s going to be ratable. If you’ve asked us that you, so you know that let’s say we’re using the business. Let’s say it’s an all cotton machine at that. They are department liquidation,
liquidation we’ll then take the case. You know, that would be a clown on, let’s say costs and car journey, liquidation period. But you need to be careful about that. You are going down that road, that you don’t sell the plant for God. And until all the costs have been invoiced, if not, you won’t get to that back.
Let’s say, after a transaction has happened. And it said that the plant has been sold and then two months later you can invoice him. In fact, you won’t be able to plan it because now you’d no longer have transactions in relation to that as well. At 1.2 to remember here is just, if you are in a situation where you are trying to get fat back,
or you have to register, it can take awhile at stimulus. Um, if you Yvonne, you might go through some of the practical points from, Well, yeah, I suppose just, yeah, because I suppose for bad purposes you do have to get an entire, an entirely new, um, number. So yeah, it just depends on, I think on the department you gauge,
like it can go on for a long time and I suppose, and one of the things to make sure is now I suppose it’s Ash. And to make sure that, you know, when you registered previously, you were registered for both domestic and interest you VAT. So you just have to make sure that you have dash because you have to apply for the two of them.
You know, there, you have to take the box, roll to them, um, Potentially as well also, you know, if you’re trading company and, you know, things are moving it’s food, Hey, you know, you might have a VAT. Number two, you’re not going to have a button up shirt where situation and invoices, well,
then you have to combat number pending on the invoice in relation to us. So just, just to be conscious of that, um, obviously receipts, you don’t technically have to have a button number on our curation invoice. You have to have that number pending. And, and as we know all the station or anything like that, once in liquidation has to have inventory liquidation or in liquidation after under the legislation to just be constantly update the bat numbers and new,
that number is actually a counter force at if you’re distributing property and Spacey. And it’s, you have to, again, when you’re quoting for the job and you need to assess for the two separate tax or rather voice and distribution of property outside of the company, to the members, to distribution Spacey, looking at the bad consequences of that, there’s no option on this.
Martin. Remember there’s no option to John K elect to tax. Where does the distribution space into the members? So you could have a laptop for a company unless transfer business advice. That’s just important from a property perspective on distribution square, you see, just be careful of that and have that in your calculations. If there is a child lock or how maybe the men might just want to be aware of a rotten part is obviously a complicated area,
but just, you know, the correlation per horse, because the shareholder’s connected to the company, you can’t do a giant debt option to tax. In relation to writing on the history department might have issues at, as you said, loans. So the next step is then just letter Concentra, the liquidator, and to be first, don’t have to stay in the fairs.
We’ve been tree monsters with declaration being Dawn. It’s a special resolution without Sue passing, pulling into liquidation. So you always have to get that 75% requirements. Um, the minutes of board meeting, I was going to be board meeting saying, look, you know, we’ve looked at as a company, you know, no, maybe Stussy straight into the only asked to invest in us through.
I just feel like there’s no point in having the company. So, you know, this meeting is to decide, you’re going to put in liquidation, then topic liquidation process. The fact that directors have to make declaration it, then arrange for that to be done and say, look, minute, that was done. And then they arrange for a report to be attached to that.
And I was put to the members for resolution on the past in relation to that. So that’s the, what, that’s all the same. They’re showing them taxes, the cases, here’s a step by step guidance in document minutes as well. So you sort of liquidation. So the<inaudible> declaration I would would in 21 days, as we said before, as I was special resolution,
um, on a prime. And so once you’re there, then you’re the steps required to take me to liquidate or on a prime tune also requirements that has to be done in the 14 days. So you also then have to, um,<inaudible> written resolution, it’s all part of, cause these are all category three offense suspension. You have to think of it as do we find this is good to have a tracker to make sure all your liquidations are on that tracker on what stage you’re out,
so that you don’t miss these filing deadlines in relation to it. I want you to watch it after an applied is effectively. They can take naked or a techno obsession. Um, Sean, that liquid air that all had a paper as the word in voluntary liquidation after us, um, getting obtaining, so writing, derive new saying,<inaudible> give him a copy of state mass and the liabilities and the resolution that was passed,
asking them for printouts of all the taxing. So you can see what the issues are at skip measures and insurances are as<inaudible> know, find them all of that fact. And is there anything that sets this list? Just any case that you’re involved in relation to<inaudible> I explained that going forward, can you make sure you make the payments to X, Y,
Z, and getting the bank accounts set up? Mike kind of can take some time. Sometimes you need to need to be conscious of that. Figured out ends obviously there to collect the letters, you know, looking at him, you know, you tried to get situation where you don’t have as many debtors at it, his requirement, as you said,
corporation tax had three months have been placed into liquidation. So washed out one, uh, they could add is range for the company, gets corporation tax returns, pay stuff from the, some of the staff last period submitted to UpToDate liquidation in relation to them, I’m showing all the various I talk with<inaudible> and the old school runs a different right, rather than what the same idea registered for tax aside and said,
if you have to register for factory, you already spoke to about DAS and POI parasite. If you are an entrepreneurial relief case and you are, um, set of trading, just usually driving you, it automatically de-registered your POA registration number. So I just need to watch that and just tell them not to the CTU on, um, the corporation X number reference number would be the same as what it was always to just not change photography,
GDPR again, and getting combined with that. So usually we would have an hour letter to employees during this person nature we’d have at the bottom of Albert saying, look, our GDPR policy in relation to order the link to the website, just as very steps in there. If you’re trading up to the point of trading, what you need to do and what kind of insurance,
it’s obviously a lot riskier. So you need to have everything ticked off. I’m looking at the trade debtors, you know, the, you get details, employees sending out letters to employees, finding him that they have, you have been appointed prop. The plan is what the strategy is and the fact that you’re going to communicate them later on in relation to him.
Um, and it’s also making sure you have control of the stock and you know that you, your right to the advice ended up going far before I answer, please let me know if that’s what you want. It has to the motor control that you need to get in relation to it. So this is our deals with, you know, not everyone would be doing trading situation,
but sometimes it wouldn’t be so stare. If you need to, if you need to refer to, as we said, body matters like shit, there going to be worried what’s happening. What’s going to happen. So we’d have to involve and discuss with them, send out letters to them in relation to them, potentially have a dormancy chains as well. If it’s decided that that’s not going to be sold as a business unit,
that if you’re a seven as a business unit, you have responsibilities. If you’re in there as a liquid air transfer one to take infection, parties, give them an old assimilation to looking at the accountants, the accountants. So it’s your, you know, the management accounting controls were standard one in business. You need to make sure that there are strong.
And so that, you know, you have to look at doors and look at those controls to see, do you need to just invest in your own assets through realization of assets? As we said now, before you distribute a property, are you, you make a distribution. Um, two of them, we always, you know, you have to have a meeting of contributors or members effectively,
whereby you’re saying, this is the case we’re proposing to make distribution in cash of X, Y, Z are. We’re going to pause the distribution space and just get an approval from members that they’re happy to do. Both is important. And what we always do is we get an indemnity before we make a distribution of cash, a distribution property say, look,
you’ve heard the members with a letter address of liquor sent, I’m sorry, by the liquidator to the member saying, look, you’ve requested us to distribute X amount of cash. Um, and on the fact that that letter would say, look, it’s your responsibility to account for the tax in it to concept is not responsible. The liquidators just make sure that they do understand them.
We, at the end of that letter, we just sent back saying, look, we acknowledged that. And reconfirm, we have asked you to show to you to distribute that set of property or pay the cash on that. You know, you were being done with all your running costs. Simulationist if there’s any issue and that respect. So it’s all about risk management.
So if that does exist just to, you know, trying to get their money in, on the buildings, in the buildings we’re looking to see, well look, do we have CGT on somebody else, our sales team members, you need to just look at that and see<inaudible> CGT on relation to that insurance cover also some part and, you know,
utilities, ESB utilities, do any update that the name of the company there for doors, if there’s invoice coming in CG 50 requirements as well, if you’re selling it, you know, you need to make sure, but that’s made. So even if you’re doing distribution as being no cost, transferring, if land and buildings are 500,000, you have to go for<inaudible> and set to revenue in order,
make sure you’re not going to get the 15% tax potentially liability in the future, further to the members that will be. And after completion, then, you know, if you have done the property, just make sure that your service contracts, you know, whatever water VSP is, I’ll transfer to new owners names. That’s gone before you close, open liquidation.
And it obviously doesn’t equal. There would be setting number the street and space today we’ll be signing in our crashes, liquidator, and also ended up capacity as the Dean director of the company, when you’re distributing to say prosecuted property or selling the property. And there is a point if the Baker I considered it, the commitment I’ll be able to pay assessment in 12 months of mentioned liquidation,
they should treat the liquidation and CVS always watched us. I try and try and see where you are in relation to it. It’s not that they couldn’t have overcome the monster. It’s just, I suppose, that the credit there was to a certain extent should be paid by then. So if you do go over that six months at<inaudible>, you need to find a file and it doesn’t need to be an affidavit as signed in front of a solicitor.
And so really the remaining element here is just dealing with the taxes. Uh, pre liquidation are joining the liquidation in CGT that we might’ve Ray rice, someone wants to be done all that property acids in, and we’ve distributed them out as much as possible. Then we’re looking at the patient activities. Have we submitted our cost tax returns on a return revenue and they’re walking pavers,
just making sure that everything’s on the fives. Everything’s practically we ticked off protectionists, have everyone being paid, all the assets that were wrong compared to yes. What we would usually do as compared to the estimate movies part further. That’s part of the Yuan SAP and see what we’ve got in versus what that said and see are we missing anything in relation to what we might also have a go and check on the independent accountant would also probably have looked anyway.
The last set of accounts filed CRO compare that to what was on the<inaudible> property that was left the offers, right? Like that, because you don’t want to have a situation where you have to be in stays. And if you’re invalid applied for V registration for CT, or probably for the registration reconciliations, we always make sure we do it on a monthly basis,
you know, have the controls in place in relation to a separate bank account for each liquidation and the books and records required for six years. So, you know, so your range for those to be maintained for that period is requirements that are on a stair responsibility. Um, if it does go off and try them on to liquidation and you know, we do need to find a farm each tree D given details on our,
um, part, my Deanna to try the last 12 months and point has gone on for more than probably months. It might be that while there’s a potential sale agreement done, we’re waiting on the final consideration, could be an example of why it might be falling off. And once that’s done the final meeting, in fact, we held, it was not like before,
or like you had to advertise in the paper. That’s not the case. It’s just, you give them those 28 years. There’s nods in relation to them, ensuring the quorum is present. So you know, that the liquidator can be, um, can act, uh, you know, you can upon the liquidator to act as, as, as far a member,
if they don’t turn up themselves, no, at that point in time. So, you know, that that extraordinary meeting and always would say, look, we have to say there before, how did the liquidation has been drawn? So the ins and outs of what you’d have your receipts and payments you’d have in there and distributions of property and spaces improve liquidators remuneration.
If you haven’t already, and then present a special resolution to, you know, to determine how the books are, my cards are going to be kept over those six year periods that are Phantom before then you tried your Iwan for me, five, which affects it, gives details of it. What do you want? SAP said, I’m not with deans.
And the, I would say during the period and separate, just slowing the liquidators fee and the six, 10 finally signs in relation to it. So, um, I think it’s a good checklist to take a look at, you know, probably a lot of the way to make sure you don’t have any followups things fall through the cracks as, so keep in mind an example of indemnity.
Is it within that checklist? I didn’t go through seeing that many that we would use. Um, we’ve already discussed. Um, a lot of these have asked confirm later, arrange for separate bank account for liquidation x-rays limited inventory liquidation beyond the name of it. Um, we talk about pre liquidation tax returns, all some part in them and the company’s facing liquidation.
Doesn’t prevent a clause. Can we started charts to just to watch that out? You still have false when we started charging incorporation extra terms. So we were on the CGT relief is broken on the point, liquidator, not the last release. So you can use some losses down. We already talked about dive training, extra required distribution approved by the members.
As we said, letters in Danbury for Ryan distribution, making sure that the shareholders have their own tax voice because their own person matters and distribution space. As we said, watch to the officer dilution retirement. If you’re trading, if you’re distributing straight as since basis with talk with your term alternative to that distribution, specie of investments and receivables, you can do it as you know,
so maybe at least the chairs you could, you can arrange for that to be distributed in space rather than having to be so old at that point in time that on property, as we said, the restriction on the option to tax CGT implications for section 400 cannot apply in liquidation case, social or selling a business to, uh, to maybe to children of the shareholders,
section 400 prevents balancing charges on, um, allows us to transfer all of that. Doesn’t apply in liquidation case. Cause then they could affect me in control. As I said, tax returns to check this, you seem to be true then gentlemen, thanks very much. He’s gone a little bit over there. So it was very informative. And as you say,
you have a checklist they’re very comprehensive. So if you’re working your way down to that, it’s eight points there anyways. Thank you very much for joining us today on I know some of you will be putting it onto the next session, so that’s going to be with Gabriela and John is going to be on facilitating John. Thank you very much. There’s four more sessions next Tuesday and next Thursday as well.
So we just want to thank you for joining us here. The Irish, enjoy the rest of your day and enjoy the next session with John and Debbie. Thank you.