Here, Brent Norling, Director of Norling Law and Damien Grant, Director of Waterstone Insolvency discuss all things Phoenix Companies.
Old companies are often burned and new companies often rise from the ashes with renewed youth and viability.
We discuss the basics, such as:
- What makes a company a “phoenix company”?
- What isn’t a phoenix company?
- What are the consequences if a director gets it wrong and is prosecuted?
- How to successfully create a phoenix company without breaching the Legislation resulting in a possible prosecution.
We also discuss why companies may choose to create a phoenix company. Because there are very legitimate reasons why a director may look at this option as a viable option.
We often see people creating phoenix companies in breach of the Legislation and the consequences can be onerous.
As always, if you have any questions or need any assistance, you can book a 30-minute consultation with our team.
