Phoenix Company Advice in Buckinghamshire
Get in touchAt Fast Insolvency, we provide clear, compliant guidance on forming a phoenix company in Buckinghamshire, a new business that rises from the closure of an insolvent company.
This route allows directors to start fresh, retain viable parts of the old business, and protect jobs, but strict rules apply under UK insolvency law in Buckinghamshire.
We protect directors from liability while helping you start fresh with a viable new business in Buckinghamshire.
Contact us today in Buckinghamshire for free advice on phoenix company formation and to avoid the legal risks of getting it wrong.
What Is a Phoenix Company in Buckinghamshire?
A phoenix company is a new business that is formed after an insolvent company has been liquidated in Buckinghamshire.
It often has the same directors, staff, and assets, but operates as a legally separate entity with a different name or structure in Buckinghamshire.
Is It Legal to Start a Phoenix Company in Buckinghamshire?
Yes, forming a phoenix company is legal in the UK in Buckinghamshire, as long as it follows the rules under the Insolvency Act 1986.
The process must be transparent, and directors must not trade while insolvent or breach restrictions on using the old company name in Buckinghamshire.
What Are the Legal Restrictions in Buckinghamshire?
Under Section 216 of the Insolvency Act 1986 in Buckinghamshire, directors of an insolvent company are prohibited from reusing the same or similar name for 5 years, unless they follow strict exemption procedures.
Breaching this rule can result in personal liability in Buckinghamshire for the new company’s debts and even criminal penalties.
How Can I Reuse the Company Name Legally in Buckinghamshire?
You can apply for a Section 216 exemption in Buckinghamshire if:
You buy the old company’s assets from a licensed insolvency practitioner in Buckinghamshire
You notify all creditors and file the correct forms with the court and Companies House within 28 days in Buckinghamshire
We can handle this entire process for you to ensure compliance in Buckinghamshire.
Can I Keep My Staff and Clients in Buckinghamshire?
A phoenix company in Buckinghamshire can often retain key contracts, client relationships, and employees from the old business.
Transferring staff must follow TUPE regulations in Buckinghamshire to protect employment rights.
Will Creditors Be Notified in Buckinghamshire?
All creditors of the liquidated company must be notified if the new company is using a similar name or operating in a similar way in Buckinghamshire.
This ensures transparency and protects creditors from deception in Buckinghamshire.
Can I Buy the Assets from the Old Company in Buckinghamshire?
The assets in Buckinghamshire including stock, equipment, or intellectual property, can be sold to the new company at fair market value by the liquidator.
You cannot transfer assets privately or below market value in Buckinghamshire.
What Are the Risks of Forming a Phoenix Company in Buckinghamshire?
If the rules are not followed correctly, you could be held personally liable for new company debts or be disqualified as a director in Buckinghamshire.
There may also be reputational damage in Buckinghamshire if the new company appears to evade the old one’s obligations.
What Is the Process for Creating a Phoenix Company in Buckinghamshire?
The typical process in Buckinghamshire includes:
Entering a formal liquidation (CVL) in Buckinghamshire
Valuing and selling the old company’s assets in Buckinghamshire
Setting up a new company in Buckinghamshire
Transferring staff and operations in Buckinghamshire
Filing all legal notices and exemption forms under Section 216 in Buckinghamshire
We manage this process end-to-end to ensure full compliance in Buckinghamshire.
Does HMRC Allow Phoenix Companies in Buckinghamshire?
HMRC permits in Buckinghamshire the formation of phoenix companies, but they monitor closely for misuse.
You must remain fully compliant in Buckinghamshire with tax obligations in the new business.
Can I Form a Phoenix Company After Compulsory Liquidation in Buckinghamshire?
If your company was forcibly wound up in Buckinghamshire through compulsory liquidation, you must still follow the same name reuse restrictions and apply for court permission.
In some cases, HMRC or other creditors may object in Buckinghamshire.
What If I Want to Use a Completely New Name in Buckinghamshire?
If the new company name is not the same or similar in Buckinghamshire, Section 216 restrictions do not apply.
However, you still need to ensure that no misleading links exist in Buckinghamshire between the old and new businesses.
How Much Does It Cost to Set Up a Phoenix Company in Buckinghamshire?
A CVL in Buckinghamshire costs from £3,000–£5,000 in Buckinghamshire, plus legal fees for name reuse applications if needed.
The cost in Buckinghamshire depends on whether you’re purchasing assets and the complexity of the liquidation.
We offer fixed-fee packages in Buckinghamshire that include full phoenix company advice and compliance.
Get Expert Phoenix Company Advice Today in Buckinghamshire
If you're closing an insolvent company in Buckinghamshire and want to continue trading, legal guidance is essential.
We offer low-cost, legally compliant phoenix company services in Buckinghamshire with expert oversight.
Contact Fast Insolvency now for free, confidential advice on forming a phoenix company safely and lawfully in Buckinghamshire.
We cover Buckinghamshire