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A Fresh Start for a limited company in debt


A Fresh Start

When faced with overwhelming and complicated financial difficulties, many companies may find it easier to start again. Commonly known ‘a fresh start’, this allows companies to completely restart their business.

It can be bewildering enough dealing with company liquidation, without having to worry about dealing with all of the requirements for setting up again. We can assist in company formation, opening a bank account, and finding a new accountant etc.

Can I use our company name again?
In order to regulate against abuse there is a restriction on companies using the same or similar company name for five years after liquidation. If abused, a person can be liable for imprisonment, a fine, or both. The only way that a company’s name can be re-used is under the courts permission and a payment of money for the privilege.

Rescue Recovery Renewal

We work within the business rescue framework when providing business debt help and liquidation advice. The three R’s include:

  • Rescue
  • Recovery
  • Renewal

This framework is the mantra that guides organisations, promoting best practice for professionals working with companies with significant business debts and insolvency issues. This could include the navigation of complex liquidation processes and providing impartial and practical business debt help to insolvent companies.

If you are considering a fresh start and want to make sure that it’s the best possible re-birth of your business, we can assist in your company reformation, bank account obligations, accountants and all other aspects associated with business setups.

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