Phoenix Company Advice in Devon

At Fast Insolvency, we provide clear, compliant guidance on forming a phoenix company in Devon, 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 Devon.

We protect directors from liability while helping you start fresh with a viable new business in Devon.

Contact us today in Devon for free advice on phoenix company formation and to avoid the legal risks of getting it wrong.

What Is a Phoenix Company in Devon?

A phoenix company is a new business that is formed after an insolvent company has been liquidated in Devon.

It often has the same directors, staff, and assets, but operates as a legally separate entity with a different name or structure in Devon.

Is It Legal to Start a Phoenix Company in Devon?

Yes, forming a phoenix company is legal in the UK in Devon, 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 Devon.

What Are the Legal Restrictions in Devon?

Under Section 216 of the Insolvency Act 1986 in Devon, 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 Devon for the new company’s debts and even criminal penalties.

How Can I Reuse the Company Name Legally in Devon?

You can apply for a Section 216 exemption in Devon if:

• You buy the old company’s assets from a licensed insolvency practitioner in Devon

• You notify all creditors and file the correct forms with the court and Companies House within 28 days in Devon

We can handle this entire process for you to ensure compliance in Devon.

Can I Keep My Staff and Clients in Devon?

A phoenix company in Devon can often retain key contracts, client relationships, and employees from the old business.

Transferring staff must follow TUPE regulations in Devon to protect employment rights.

Will Creditors Be Notified in Devon?

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 Devon.

This ensures transparency and protects creditors from deception in Devon.

Can I Buy the Assets from the Old Company in Devon?

The assets in Devon 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 Devon.

What Are the Risks of Forming a Phoenix Company in Devon?

If the rules are not followed correctly, you could be held personally liable for new company debts or be disqualified as a director in Devon.

There may also be reputational damage in Devon if the new company appears to evade the old one’s obligations.

What Is the Process for Creating a Phoenix Company in Devon?

The typical process in Devon includes:

1. Entering a formal liquidation (CVL) in Devon

2. Valuing and selling the old company’s assets in Devon

3. Setting up a new company in Devon

4. Transferring staff and operations in Devon

5. Filing all legal notices and exemption forms under Section 216 in Devon

We manage this process end-to-end to ensure full compliance in Devon.

Does HMRC Allow Phoenix Companies in Devon?

HMRC permits in Devon the formation of phoenix companies, but they monitor closely for misuse.

You must remain fully compliant in Devon with tax obligations in the new business.

Can I Form a Phoenix Company After Compulsory Liquidation in Devon?

If your company was forcibly wound up in Devon 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 Devon.

What If I Want to Use a Completely New Name in Devon?

If the new company name is not the same or similar in Devon, Section 216 restrictions do not apply.

However, you still need to ensure that no misleading links exist in Devon between the old and new businesses.

How Much Does It Cost to Set Up a Phoenix Company in Devon?

A CVL in Devon costs from £3,000–£5,000 in Devon, plus legal fees for name reuse applications if needed.

The cost in Devon depends on whether you’re purchasing assets and the complexity of the liquidation.

We offer fixed-fee packages in Devon that include full phoenix company advice and compliance.

Get Expert Phoenix Company Advice Today in Devon

If you're closing an insolvent company in Devon and want to continue trading, legal guidance is essential.

We offer low-cost, legally compliant phoenix company services in Devon with expert oversight.

Contact Fast Insolvency now for free, confidential advice on forming a phoenix company safely and lawfully in Devon.

Get in touch