Phoenix Company Advice in North Yorkshire

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

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

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

What Is a Phoenix Company in North Yorkshire?

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

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

Is It Legal to Start a Phoenix Company in North Yorkshire?

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

What Are the Legal Restrictions in North Yorkshire?

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

How Can I Reuse the Company Name Legally in North Yorkshire?

You can apply for a Section 216 exemption in North Yorkshire if:

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

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

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

Can I Keep My Staff and Clients in North Yorkshire?

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

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

Will Creditors Be Notified in North 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 North Yorkshire.

This ensures transparency and protects creditors from deception in North Yorkshire.

Can I Buy the Assets from the Old Company in North Yorkshire?

The assets in North 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 North Yorkshire.

What Are the Risks of Forming a Phoenix Company in North 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 North Yorkshire.

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

What Is the Process for Creating a Phoenix Company in North Yorkshire?

The typical process in North Yorkshire includes:

1. Entering a formal liquidation (CVL) in North Yorkshire

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

3. Setting up a new company in North Yorkshire

4. Transferring staff and operations in North Yorkshire

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

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

Does HMRC Allow Phoenix Companies in North Yorkshire?

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

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

Can I Form a Phoenix Company After Compulsory Liquidation in North Yorkshire?

If your company was forcibly wound up in North 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 North Yorkshire.

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

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

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

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

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

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

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

Get Expert Phoenix Company Advice Today in North Yorkshire

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

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

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

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