One of the options to avoid liquidation if your company is in financial trouble is Pre Pack Administration or Phoenixing. Using this process you rescue the business by setting up a new phoenix company which trades in place of the old without the burden of debt.
Pre-pack administration (often known as Phoenixing) allows a new limited company to be set up which purchases the assets of the old business. The new company is then free to trade in place of the old without having to repay the old company’s debt.
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