Phoenix Company Advice in Glasgow

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

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

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

What Is a Phoenix Company in Glasgow?

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

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

Is It Legal to Start a Phoenix Company in Glasgow?

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

What Are the Legal Restrictions in Glasgow?

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

How Can I Reuse the Company Name Legally in Glasgow?

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

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

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

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

Can I Keep My Staff and Clients in Glasgow?

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

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

Will Creditors Be Notified in Glasgow?

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 Glasgow.

This ensures transparency and protects creditors from deception in Glasgow.

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

The assets in Glasgow 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 Glasgow.

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

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

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

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

The typical process in Glasgow includes:

1. Entering a formal liquidation (CVL) in Glasgow

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

3. Setting up a new company in Glasgow

4. Transferring staff and operations in Glasgow

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

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

Does HMRC Allow Phoenix Companies in Glasgow?

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

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

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

If your company was forcibly wound up in Glasgow 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 Glasgow.

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

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

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

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

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

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

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

Get Expert Phoenix Company Advice Today in Glasgow

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

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

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

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