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Liquidation Made Easy

Business After Liquidation

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We understand the needs of directors and provide information on life after liquidation. Please read on for more information about business after liquidation. If your still not quite sure then call us free on 0800 0662 280

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Business After Liquidation

In order to continue your business after liquidation, you will need a successor, or ‘phoenix’ company. Steps to setting up your successor company:

  • Use a limited company, to protect you from incurring personal debts.
  • You must not use the same or similar name, as any debts incurred can fall on your toes personally. There are exceptions to this rule!
  • Get a new bank account. The bank you currently use may not provide you with an account in your successor company if you owe them money. If you use a new bank, you may have difficulties obtaining an account with an overdraft facility, so this needs to be done BEFORE your company goes into liquidation.
  • Your new company will have no credit history, so you may have difficulty getting credit terms with suppliers. We have finance options for newly incorporated businesses.
  • If your business needs plant/machinery/equipment/vehicles, you need to transfer them from your old company. You need to use a friendly Liquidator to ensure this is done for minimal or no cost.
  • Transferring employees or reducing your workforce is a minefield and if you don’t do it correctly you can end up with heavy unfair dismissal and TUPE claims.

There are numerous benefits to putting your business through a liquidation process, namely writing off company debts with no impact upon trading. There can be pitfalls to having a successor business after liquidation, but not if everything is set up and planned correctly. Advice on setting up a business after liquidation is the most crucial advice you should get.

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