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