Hello,

I'm closing down a Cooperatieve UA with 2 members.

We are using the turbo-liquidation procedure to close the company.

The company has no income and some cash on the bank account.

On the balance sheet, we have intangible assets accounted for few thousands euro.

We cannot liquidate the assets by selling them, as there would be no buyer.

How do I write off these intangible assets so to have zero assets value as required by the turbo-liquidation procedure?

Thanks

Hi VanZic

 

Just like you said: write it off (in the P&L).

Also: if there is still money left in the bank account, then your assets won't be zero...

  Op 13-2-2024 om 12:26, Joost Rietveld zei:

Hi VanZic

 

Just like you said: write it off (in the P&L).

Also: if there is still money left in the bank account, then your assets won't be zero...

Thank you Joost. Just to be sure. Do you mean using accelerated depreciation of the intangible asset? So that the amount of depreciation accounted in the P&L is equal to the value of the intangible to be written-off.

Best,

Yes indeed, that is, save for selling or transferring these assets to another (legal) person*, the only way to go about this, since these assets will become worthless upon termination of the company.

 

* If these assets are transferred to, for instance, one of the coop members, then a decent purchase price will be in order. Not being able to find a buyer, doesn't necessarily mean the asset is worthless 

  Op 13-2-2024 om 19:29, Joost Rietveld zei:

Yes indeed, that is, save for selling or transferring these assets to another (legal) person*, the only way to go about this, since these assets will become worthless upon termination of the company.

 

* If these assets are transferred to, for instance, one of the coop members, then a decent purchase price will be in order. Not being able to find a buyer, doesn't necessarily mean the asset is worthless 

Thank you very much indeed