To Phoenix a company is an exotic expression. It means liquidating your old company and starting up a new company, doing exactly the same work. It happens all of the time.
The procedure can be a straight forward liquidation or a Pre pack.
If the old company owns a decent amount of assets, with predatory creditors hanging around, then a Pre pack is usually the best option.
HMRC do not like you to Phoenix a company because they don’t get paid.
That makes them angry and you’ll be on a black list that they deny having.
HMRC may visit your new company and demand a bond equal to their loss in your old company, as they will deem that you are a risk to them.
They may have you banned as a director because you are insignificant in their eyes, even though you’ll probably not see many bank directors banned or even the directors in RMS Tenon. They live by a different set of rules!
So if you are thinking that you want to Phoenix a company then talk to TaxGone on: 01302 815846 and prepare a safe way forward.
TaxGone - Company Voluntary Arrangement - CVA Specialists
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