It’s dead Jim, now what?

Or How do we wrap up a failed project?

It was suspose to take 13 weeks to develop the e-commerce web site. Three different project managers, two new subcontractors and a year and a half developement time later upper managementhave finally decidedto scrap the thing.
(This is what most of us in IT said should have been done over a year ago when we first started testing the contracted work.)

We all learned a lot from our mistakes and will probably start all over again in about six months.This time to do it right.

How do you shut down a failed project? Do you do some kind of project wrap-up report? Any recommendation on how to close this out?