Reusing the company name
Strict rules are in place concerning the use of the same or a similar name as the liquidated company. If the company was forcibly liquidated you cannot use the same name or a similar name again.
Personal guarantees and overdrawn directors’ loan accounts
If you’ve provided a personal guarantee for the old company’s borrowing, or your directors’ loan account was overdrawn, you’ll have to repay the outstanding amounts as they’re assets of the insolvent company.
HMRC security deposit
If the insolvent business carried tax debts and they believe they’re at risk of further losses, HMRC may demand a security deposit before they allow the new company to conduct trade.
Company Closure can provide more professional advice on the best way to close down your limited company and explain any potential roadblocks to starting again with a new business. Please get in touch to arrange a free consultation – we operate offices across the country.