T2 Return. How to wind down a business with the only asset a shareholders loan

Please clarify.  If the shareholder's loan is in a debit balance (ie. it is a receivable from the shareholder), then there must also be a liability or equity showing on the balance sheet.  If there is a positive balance in retained earnings, you do need to pay a dividend out to the shareholder - this would debit retained earnings, credit the shareholder loan, and everything would be zero.  You would issue a T5 for the dividend.  

However, if the shareholder loan is a credit balance (ie. the company owes the shareholder), and there are no assets, then the offset on the balance sheet must be a deficit instead of retained earnings.  In that case, you do not have to do anything.  The shareholder is left with an amount owing to him/her and with no way of collecting it.  It is possible that the shareholder could claim a capital or allowable business investment loss, but that is beyond something that can be addressed in this forum.