In some cases the right decision for a limited company will be to close and the directors to start up a new business even in the same trade or profession. This is known as a Phoenix
There are two circumstances where a Phoenix may be the right option for the business:
Of course this can greatly upset the existing company’s creditors and very careful consideration needs to be taken if choosing this route.
Some key points of a phoenixing (as this process is often called) are:
David qualified as a Chartered Accountant in 1990 and Licensed Insolvency Practitioner in 1996.
David will give you clear and plain language advice about your business’s options and make a recommendation of which route he thinks will work best for you.
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