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Phoenix companies


    In life sometimes people just don’t get things right the first time. Businesses fail for many different reasons and honest and hard working entrepreneurs should be given a second chance to get things right.

    What is a phoenix?

    A phoenix is a multi coloured fictional bird. Near the end of the birds life it builds itself a nest of twigs that then ignites; both nest and bird burn fiercely and are reduced to ashes, from which a new, young phoenix or phoenix egg arises, reborn anew to live again.

    What is a phoenix company?

    A phoenix company is where the assets of a company are moved to another company allowing the core business and allowing the same company owners to continue the business operations.

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    A phoenix company allows a businessman or businesswoman a second change to start again and for the profitable elements of the failed business to survive. A phoenix company also has advantages that allow continuity for both suppliers and employees.

    Is it legal to set up a phoenix company?

    Yes, as long as it is done legally and does not breach any company laws such as:

    • Directors disqualification law
    • Bankruptcy and Insolvency law
    • Company laws
    • Assets must not be transferred at undervalue.
    • Company and trading names must comply with S.216 / 217 of the Insolvency Act 1986.

    Common methods used to set up a phoenix company:

    Prepack Administration

    Where an insolvent company uses a Company Administration Order which includes the pre-packaged sale of the assets, goodwill and business of the company

    Creditors Voluntary Liquidation

    Where a new company is set up following the insolvency liquidation of a company. The new company buys some assets, goodwill, trading name for market price from the liquidators. The new company can therefore begin from scratch.

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