SI2004/2199 Regulation 8: ICTA88/SCH28B

Background

Where a liquidator of a company is unable to realise all of a company's assets those assets may be transferred in kind (‘in specie’) to members of the company. This might happen if the liquidator of a VCT was having difficulty selling shares or securities in which it had invested. However, distributing such investments in kind to the individuals who had invested in the VCT may be unwelcome both to them and to the directors and shareholders of the investee company.

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