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We advise directors who want to buy back their insolvent business and operate a new ‘phoenix’ company with the same or similar name.
Re-use of a Prohibited Company Name (as governed by Section 216 of the Insolvency Act 1986)
As part of the insolvency process, upon a company’s liquidation directors often want to buy back the business and operate a new company using the same or a similar name to the old company.
You are not allowed to be involved in a business with the same or similar name for 5 years if you were a director of a liquidated company within 12 months prior to the liquidation. We advise on how to protect you from breaking any laws in relation to this. If this is not done correctly then the penalties are severe including fines and/or imprisonment and personal liability for the new company’s debts.
If you intend to do this there are three scenarios that apply and there are time limits to each procedure so it is important to know beforehand which process might apply before the formal liquidation of the old company.
We offer fixed fee options for this service and will identify the most cost effective where possible.
If you would like further information in respect of this specialism please call our offices on 0113 266 0735.
We are approachable and care about you and your business.
We want to be the first port of call for all of your legal enquiries to ensure that any legal issues you have are dealt with promptly.
For further assistance please contact our office for an initial free chat.
