On liquidating a
This means that any information asked for should be given openly and honestly so as not to hinder the winding up/liquidation of assets.
From this point, the Court makes a decision after which everything is in the hands of the liquidator.
A liquidation of the contribution portion of your Roth IRA is not considered income so there are no tax consequences.
Both types of IRAs offer significant, but different tax benefits, including the way funds from the accounts are taxed when they are liquidated.
You may begin taking qualified withdrawals from your Roth IRA once you turn 59 1/2 years of age.
Tax consequences for liquidating your Roth IRA are dependent on such factors as your age, the nature of the funds being withdrawn, and the time period the funds have been in the account.
Now then, this is a voluntary liquidation procedure initiated by the directors because a company is insolvent and unable to its debts debts.
Usually a CVL is requested before a compulsory liquidation can be petitioned by the Court.