Phoenix Company Advice in Lincolnshire

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

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

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

What Is a Phoenix Company in Lincolnshire?

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

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

Is It Legal to Start a Phoenix Company in Lincolnshire?

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

What Are the Legal Restrictions in Lincolnshire?

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

How Can I Reuse the Company Name Legally in Lincolnshire?

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

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

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

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

Can I Keep My Staff and Clients in Lincolnshire?

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

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

Will Creditors Be Notified in Lincolnshire?

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 Lincolnshire.

This ensures transparency and protects creditors from deception in Lincolnshire.

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

The assets in Lincolnshire 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 Lincolnshire.

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

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

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

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

The typical process in Lincolnshire includes:

1. Entering a formal liquidation (CVL) in Lincolnshire

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

3. Setting up a new company in Lincolnshire

4. Transferring staff and operations in Lincolnshire

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

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

Does HMRC Allow Phoenix Companies in Lincolnshire?

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

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

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

If your company was forcibly wound up in Lincolnshire 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 Lincolnshire.

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

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

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

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

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

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

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

Get Expert Phoenix Company Advice Today in Lincolnshire

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

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

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

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