A Phoenix Company
When looking at plans for business recovery, it is common to come across the concept of a Phoenix company. This is one that is created specifically to have the assets and goodwill of the old company transferred to it. It then trades as a new, debt-free company.
A Phoenix company is usually used with two methods of business rescue, Pre-Pack Administration and Pre-Pack Liquidation (see Creditors Voluntary Liquidation).
As these two methods of business rescue offer different benefits, it’s important to seek professional advice on which might offer the most appropriate and cost-effective solution for your company. Any decision needs to be based on a good understanding of your present situation and the implications for your business in the future.
That’s where the expertise of our specialist business team comes in. We understand the stress that can be caused by having financial difficulties and the pressure you can feel from wanting to do the best for your business.
To find out more about the many ways we can help you, contact the specialist business team today or call 01204 867615.
