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