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Starting a new Phoenix Company

Your business can continue through a new Phoenix company

There is a legal process to utilise the value from the old company in a newly created company.

Here’s the service

We are highly focussed on providing a personalised service for our customers which results in a positive outcome and a way forward.

The liquidation and phoenix company procedure provides a method to utilise the value from the old company to be liquidated in a newly created company.

The 1986 Insolvency Law and the Enterprise Act 2002 combine to enable Directors and Shareholders to liquidate the distressed company along with its debts and liabilities and start a new debt free company ready to trade.

Our New Start service guides you through the whole process and provides detailed advice on key aspects such as valuing and transferring assets, supplier continuity agreements and even possible utilisation of the old company name.

Take advantage of our free initial consultation process and find out about your real options for going forward. Our experienced business specialists will work with you to identify the optimum solution for your circumstances.

To request a call back to arrange an appointment or if you would just like an initial chat email us here and we will channel your enquiry to the most appropriate advisor.

Here’s the detail

A Creditors Voluntary Liquidation (CVL) is the most common way for Directors and Shareholders to deal voluntarily with their company's insolvency. If you want to close your insolvent business and walk away from the company debts then a creditors' voluntary liquidation is probably the best choice for you.

A CVL is also now increasingly used for the business recovery process and enables owners to rescue the value of a company and transfer that value into a new, debt-free, phoenix company.

If your business is viable and can be restructured a CVL can be used to secure a better outcome for owners and creditors. This is achieved by forming a new phoenix company which purchases the assets and good will from the old company.  

The benefits of a CVL and phoenix company set up:

Offers transparency to creditors.
Ensures the avoidance of wrongful trading allegations.
Potentially removes TUPE obligations.
Provides employment opportunities for the old company's employees.
Creditors write off the bad debts.
 Creditors get the opportunity to trade with the new company (we      specialise in maintaining supply chain relationships and offer this as      part of our service).
Directors are in control.

Wondering what to do next?

Simply make contact here.

To request a call back to arrange an appointment or if you would just like an initial chat email us here and we will channel your enquiry to the most appropriate advisor.

Remember there’s absolutely no cost for initial consultations and assessments. We look forward to hearing from you.