Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Liquidation definition

What does Liquidation mean? Liquidation (statutory term: winding up) is the formal process for closing a company, under which a liquidator takes control, stops or sells the business, collects and realises assets, adjudicates creditor claims and distributes proceeds according to statutory priority, before dissolution. It is used both on insolvency (to repay creditors) and, in a solvent members’ voluntary liquidation (MVL), to return surplus to shareholders. In England & Wales and Scotland, liquidation is governed principally by the Insolvency Act 1986 and associated Rules. The main routes are compulsory liquidation (winding up by the court), creditors’ voluntary liquidation (CVL) and MVL. In Northern Ireland,...

Business rates on unused premises in liquidation—expense, exemptions and IR 2016 r 6.42

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Published by a LexisNexis Restructuring & Insolvency expert

Q&As

Are business rates payable?

In England and Wales, liability to business rates turns on occupation. Commercial premises in occupation attract the full charge, while empty premises may escape liability where an exemption applies. Occupied commercial property is charged at the full rate without reduction.

One such relief covers a non-domestic hereditament that is either the subject of a winding-up order under the insolvency Act 1986, or is being wound up voluntarily under that Act. The legal basis is the Non-Domestic Rating (Unoccupied Property) (England) Regulations 2008, SI 2008/386, reg 4(k).

When is a property occupied?

A company will be rateable as the occupier only if it is in ‘actual possession’ and exercises a ‘sufficient measure of control to prevent strangers from interfering’. Both elements are required to establish rateable occupation status...

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Web page updated on 27/05/2026

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