Frequently Asked Questions
Why use our service?
Using a national service avoids the risk of a company’s position becoming known locally and affecting business confidence. We have a wealth of experience in assisting SMEs through the pre-packaged administration process.
Are all Crown (VAT, PAYE, NIC & Corporation Tax) debts written off?
Yes, as long as there is no fraud.
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 co-operation. 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 identify the likely purchase price of the assets when transferring them from your existing company to your new phoenix company. Our fees will be negotiated up front as each case is different.
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