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