Phoenix Company Advice in Norfolk

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

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

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

What Is a Phoenix Company in Norfolk?

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

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

Is It Legal to Start a Phoenix Company in Norfolk?

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

What Are the Legal Restrictions in Norfolk?

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

How Can I Reuse the Company Name Legally in Norfolk?

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

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

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

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

Can I Keep My Staff and Clients in Norfolk?

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

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

Will Creditors Be Notified in Norfolk?

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 Norfolk.

This ensures transparency and protects creditors from deception in Norfolk.

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

The assets in Norfolk 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 Norfolk.

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

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

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

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

The typical process in Norfolk includes:

1. Entering a formal liquidation (CVL) in Norfolk

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

3. Setting up a new company in Norfolk

4. Transferring staff and operations in Norfolk

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

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

Does HMRC Allow Phoenix Companies in Norfolk?

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

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

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

If your company was forcibly wound up in Norfolk 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 Norfolk.

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

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

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

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

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

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

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

Get Expert Phoenix Company Advice Today in Norfolk

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

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

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

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