A phoenix company is where the assets of one Limited Company are moved to another legal entity. Often some or all of the directors remain the same and in some cases, the new company has the same or a similar name to the failed business.

Pre packs are used when an off-market sale is lined up prior to the start of the Administration process and then the Administrator is appointed to conduct the sale.

Any sale involving Pre Packs must be approved by a professional valuation agent who should take into account all relevant factors in arriving at that valuation.

Corrective action for a Business Re Start such as company and capital restructuring, reducing costs, concentrating on core products, selling part of the business, and increasing financial control can help towards making a company profitable and are the actions you can take as part of a Business Re Start.