Frequently Asked Questions
Are all Crown (VAT, PAYE, NIC & Corporation Tax) debts written off?
Yes, they would be classified as unsecured creditors of the old company.
Can I continue to pay & employ staff?
Yes, Transfer of Undertaking & Protection of Employment (TUPE) may require that all existing employment rights are protected in the new company.
Can I keep my existing phone lines & website?
Yes, this is all transferred to the new company in the sale of assets and goodwill.
Can I keep my existing bank?
At the present time RBS Group (comprising of NatWest & Halifax) do not allow starting of bank accounts for phoenix companies. Where required we assist in opening a bank account with a new bank.
How long does it take?
If there is financial pressure a pre-packaged administration can be accomplished in a few hours subject to debenture holders’ consent. Our system is available to you 7 days a week.
How much does it cost?
Your costs will be significantly less than the amount of debt that you will be writing off. Part of our service is to estimate the likely purchase price of the assets when transferring them from your existing company to your new company (this remains subject to an independent valuation). Our fees will be negotiated up front as each case is different.
- For more information, Contact Us.