Part 13

Other special types of company etc
Chapter 5

Companies in liquidation or administration

Introduction

Meaning of “final year”, “penultimate year” etc
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1
This section applies for the purposes of this Chapter.
2
In relation to a company that is being wound up—
- “the final year” means the financial year in which the winding up of the company is completed, and
- “the penultimate year” means the last financial year before the company's final year.
3
In relation to a company in administration—
- “the final year” means the financial year in which the dissolution event in respect of the company occurs, and
- “the penultimate year” means the last financial year before the company's final year.
4
A reference in this Chapter to the “dissolution event” in respect of a company in administration is a reference—
a
to the administrator sending a notice in respect of the company under paragraph 84(1) of Schedule B1 to the Insolvency Act 1986 (company moving from administration to dissolution), or
b
if the company enters administration otherwise than under that Act, to the doing of any other act for a similar purpose.
5
“Profits” means income and chargeable gains, except so far as the context otherwise requires.