Freephone 08000 843087
support@blackstaradvisorygroup.co.uk
Liquidation Alternatives & Director FAQs
IMPORTANT: Who We Are & What We Do
We are strictly commercial purchasers of UK Ltd and LLP companies. We are NOT Insolvency Practitioners, financial advisors, or legal professionals. We do not provide advice on insolvency, liquidation, or debt restructuring. This page provides educational information about company sales as an alternative to liquidation. Directors of distressed companies should always seek independent professional advice from a licensed Insolvency Practitioner for formal insolvency proceedings.
About Our Service
Are you insolvency practitioners?
No. We are commercial purchasers of UK limited companies and LLPs. We are NOT insolvency practitioners, financial advisors, or legal professionals. We purchase company shares and take on all company debts as the new owner. If you need advice on insolvency, liquidation, or debt restructuring, consult a licensed Insolvency Practitioner.
Do you provide advice on whether to sell my company?
No. We do not provide advice or recommendations. We explain our service factually: we purchase UK companies with debt through share transfer. Whether this suits your situation is a decision you should make with independent professional advice from a licensed Insolvency Practitioner or solicitor.
Can you recommend if company sale is better than liquidation?
No. We cannot make recommendations or provide advice. We are commercial purchasers, not advisors. The choice between company sale, liquidation, CVA, or administration requires professional guidance from a licensed Insolvency Practitioner who can assess your specific circumstances.
ELIGIBILITY & SUITABILITY
Can I sell company with no assets?
Yes. We purchase the company shares regardless of asset value. Most companies we buy have liabilities exceeding assets (negative net worth).
Minimum debt too high - what are my other options?
If your company has under £10,000 unsecured debt, you may not meet our criteria. Consider voluntary strike-off (if no outstanding debts) or consult an Insolvency Practitioner for guidance.
Can I sell dormant company with debt?
Yes, if it meets our £10,000 minimum debt threshold. Dormant status doesn't prevent sale—we purchase the company entity with all its debts regardless of trading status.
Can I sell if I'm not the sole director?
If there are multiple directors, all must consent to the sale. Our legal team can guide you through the process when multiple directors or shareholders are involved.
Can I sell Scottish limited company?
Yes. We purchase UK-registered companies, including those registered in Scotland. The same process applies under UK company law.
Can I sell Northern Ireland registered company?
Yes. We purchase companies registered anywhere in the UK, including Northern Ireland. The same legal process applies across all UK jurisdictions.
Can I sell LLP instead of Ltd company?
Yes. We purchase both UK limited companies (Ltd) and limited liability partnerships (LLPs) that meet our criteria (£10,000+ unsecured debt).
PROCESS, TIMELINE & FEES
How long does company sale take?
Our process completes within 48 hours after fee payment (excluding weekends). From initial contact to completion: typically 3-7 days depending on how quickly you provide information and pay the fee.
What documents needed to sell my company?
You'll need: company registration number, director details, summary of liabilities, confirmation of company records location (accountant/online). Our legal team handles all Companies House documentation—you don't prepare sale agreements.
What happens after I sell my company?
After the sale: we file the change of ownership at Companies House, you're removed as director, all debts transfer to us, and you receive a template letter to notify creditors of the sale and new director contact details.
Can I sell company immediately?
Yes. Once we confirm your company meets our criteria (UK Ltd/LLP with £10k+ unsecured debt), we can complete within 48 hours of fee payment. Contact support@blackstaradvisorygroup.co.uk to begin.
Do I need to attend meetings to sell company?
No. The entire process is handled remotely. You'll communicate with our legal team via email, provide information electronically, and sign documents digitally. No face-to-face meetings required.
How much does it cost to sell my company?
Our fee is based on your total unsecured liabilities. Contact support@blackstaradvisorygroup.co.uk with your company's total debts, and our legal team will provide a no-obligation fee proposal. One fixed fee—no hidden costs.
Are there hidden fees in company sale?
No. Our fee structure is completely transparent. You pay one fixed fee based on your liabilities—nothing else. No additional charges, no monthly fees, no percentage of debt.
Is company sale cheaper than liquidation?
Liquidation costs typically range from £6,000-£15,000 for creditor-led liquidations. Our fee varies based on liabilities—request a no-obligation proposal to compare. We are not advisors; seek independent IP advice to evaluate all options.
Do I pay upfront to sell my company?
Our legal team provides a no-obligation fee proposal first. If you choose to proceed, the legally binding fee agreement is signed and the fee is paid before completion. The sale then completes within 48 hours.
Can I sell my company if I have no money?
Our fee must be paid for the sale to complete. However, you may be able to extract fair value from company assets before the sale (computer equipment, fixtures) to fund the fee, provided you act responsibly and take independent legal advice.
What information do you need to buy my company?
We need: company name and number, director names, list of liabilities (amounts owed to HMRC, creditors, loans), and confirmation of where company records are held (accountant, Xero, QuickBooks, etc.).
Do I need shareholder approval to sell my company?
If you're the sole shareholder, you can sell immediately. If thezre are multiple shareholders, all must consent to the sale. Our legal team can guide you through the process.
Can I sell part of my company or must I sell 100%?
We purchase 100% of the company shares. Partial sales don't achieve the objective of transferring all debts and liabilities to the buyer.
Will the buyer continue trading my company?
No. We do not continue trading the company after purchase. You should make all employees redundant before the sale and notify them of the transaction.
What happens to employees when I sell company?
Since we do not trade the company after purchase, you should make all employees redundant before the sale. Employment law is complex—seek independent legal advice regarding redundancy obligations.
Do I need to close bank accounts before sale?
Discuss bank account status with our legal team. Typically, you'll need to manage outstanding transactions before sale, but the buyer receives all company records including banking details.
Can I sell company with ongoing contracts?
Yes. Ongoing contracts (supplier agreements, lease agreements, service contracts) transfer with the company. These become the buyer's responsibility after the share sale completes.
Can I get fee quote without giving personal details?
Yes. We only need your company registration number and total liabilities amount to provide a fee quote. You can request this anonymously via email initially.
Is the fee negotiable?
Our fee is calculated based on your total liabilities using our standard formula. While the calculation is fixed, unusual circumstances can be discussed with our legal team on a case-by-case basis.
Can I pay the fee in installments?
No. The fee must be paid in full before the share transfer completes. However, as noted in our FAQ, you may be able to extract fair value from company assets before sale to fund the fee.
What if I can't afford the fee?
If you cannot fund our fee, this service may not be suitable. Consider consulting a licensed Insolvency Practitioner about liquidation or other formal insolvency options.
Do you refund the fee if sale doesn't complete?
Once the legally binding fee agreement is signed and fee paid, completion happens within 48 hours. If completion fails due to our error, terms are outlined in the fee agreement. Seek independent legal advice before signing.
How quickly can you provide a fee quote?
Within 24 hours of receiving your company details and total liabilities. Email support@blackstaradvisorygroup.co.uk with company number and debt amount for fastest response.
What happens if I change my mind after paying fee?
The fee agreement is legally binding once signed and paid. Review all terms carefully and seek independent legal advice before committing. We recommend discussing thoroughly before proceeding.
Can I sell company if I'm abroad?
Yes. The entire process can be handled remotely via email and digital signatures. Your location doesn't prevent the sale, as long as it's a UK-registered Ltd or LLP.
Do I need a solicitor to sell my company?
Our partnered legal team handles all documentation. You don't need to hire a separate solicitor, though you're always free to seek independent legal advice before proceeding.
What happens if Companies House rejects the filing?
Our legal team ensures all documentation meets Companies House requirements. In the unlikely event of rejection, they resubmit with corrections at no additional cost to you.
Can I sell company the same day I contact you?
No. The process requires eligibility check, fee proposal review, and legal documentation. From first contact to completion typically takes 3-7 days depending on how quickly you provide information and pay the fee.
Will I receive proof the sale completed?
Yes. You receive confirmation when the share transfer is registered at Companies House, showing you're removed as director and the new ownership is recorded.
HMRC & Tax Debt
Can I sell my company that owes HMRC money?
Yes. When you sell your company to us, we purchase the shares, and all HMRC debts transfer to us as the new owner. You walk away with no personal liability for the company's tax arrears.
Can I walk away from HMRC company tax debt?
Yes. By selling your company shares to a commercial purchaser like us, all HMRC tax debts legally transfer to the buyer. The share sale separates you from the company's obligations entirely.
Company owes £50k HMRC can I sell it?
Yes. We purchase companies with £50k HMRC debts. The debt amount doesn't prevent a sale—it transfers to us as part of the share acquisition.
Company owes £100k HMRC can I sell it?
Yes. Even with £100k HMRC debt, your company can be sold. We purchase companies regardless of HMRC debt size, taking on all liabilities through the share transfer.
Sell company with PAYE arrears?
Yes. Companies with PAYE arrears can be sold. When we purchase your company shares, PAYE debts transfer to us along with all other company liabilities.
Sell company with VAT debt?
Yes. VAT debt transfers to the buyer when we purchase your company. The share sale legally transfers all tax obligations, including VAT arrears.
Can I sell company with multiple HMRC debts?
Yes. We purchase companies with multiple HMRC debt types—corporation tax, PAYE, VAT, and National Insurance can all be included in the share sale.
HMRC threatening winding up - can I still sell?
Yes, but timing matters. The sale must complete before a winding-up order is granted. Contact us immediately if HMRC has issued a petition—we work within 48 hours after fee payment.
Does HMRC get notified of company sale?
The buyer provides a template letter you can use to notify HMRC of the sale and the new director contact details. HMRC becomes a creditor of the company under new ownership.
Will HMRC come after me personally after sale?
No. After a proper share transfer, HMRC's claim remains against the company entity, not you personally. The company's tax obligations transfer to the new owner.
Can HMRC reverse a company sale?
No. Once the share transfer is legally completed and registered at Companies House, HMRC cannot reverse it. The sale is a legitimate transaction under the Companies Act 2006.
Sell company owing corporation tax?
Yes. Corporation tax arrears transfer to the buyer when we purchase your company shares. All historical tax debts become the responsibility of the new owner.
Time to Pay arrangement with HMRC - can I still sell?
Yes. Even if you have a Time to Pay arrangement with HMRC, you can still sell your company. The arrangement transfers to the new owner or is terminated by the sale.
HMRC debt over £100,000 - still eligible?
Yes. There is no upper limit on HMRC debt for our service. Companies with debts exceeding £100,000 can be sold as long as the minimum £10,000 unsecured debt threshold is met.
Do I need HMRC permission to sell my company?
No. Under the Companies Act 2006, directors have the legal right to sell company shares without HMRC permission. HMRC is notified after the sale completes.
HMRC payment plan failed - can I still sell?
Yes. If your Time to Pay arrangement with HMRC has broken down, you can still sell your company. The failed arrangement transfers to us or terminates with the sale.
Sell company with HMRC statutory demand issued?
Yes, but act fast. You have 21 days from receiving a statutory demand before HMRC can petition for winding-up. Contact us immediately—we complete within 48 hours of fee payment.
Can I sell if HMRC has already appointed bailiffs?
Yes. Bailiff action relates to the company's assets, not the share sale itself. The sale can proceed, and bailiff claims transfer to us as the new owner.
Sell company with years of unfiled tax returns?
Yes. Outstanding tax return filing obligations transfer with the company. We take on the responsibility for dealing with any filing issues under new ownership.
Will selling stop HMRC enforcement action?
Yes, once the sale completes. After the share transfer is registered at Companies House and HMRC is notified of new ownership, enforcement action against you personally stops. HMRC pursues the company under our ownership.
Bounce Back Loans And Specific Debts
Sell a company with an outstanding bounce-back loan
Yes. Companies with outstanding bounce-back loans can be sold. The BBL debt transfers to us along with all other company liabilities, and you have no personal repayment obligation after the share sale.
Can I sell a company that hasn't repaid BBL?
Yes. You can sell a company with an unpaid bounce-back loan. We assume responsibility for the BBL as part of the company purchase, taking on the debt obligation completely.
Do I have to repay bounce back loan if I sell the business?
No. You do not have to repay the bounce-back loan personally if you sell the company. The BBL remains a company debt that transfers to us through the share sale.
BBL personal guarantee - what happens after sale?
If you signed a personal guarantee for the BBL (unlikely for most BBLs, which were corporate-only), the guarantee remains your responsibility. The share transfer does not release personal guarantees. Contact us for our separate personal guarantee service.
Can I sell company with multiple BBL and CBILS loans?
Yes. Companies with multiple COVID-19 support loans (BBL, CBILS, RLS) can be sold. All loan obligations transfer to us through the share purchase.
Sell company with rent arrears
Yes. Companies with rent arrears can be sold. The rent debt transfers to us along with any lease agreements or property obligations attached to the company.
Can landlord stop me selling company with rent owed?
No. A landlord cannot stop you from selling your company shares. Directors have the right to sell under the Companies Act 2006, and the rent debt transfers to us as part of the transaction.
Sell the company with business rates arrears
Yes. Companies with business rates arrears can be sold. The outstanding rates debt transfers to us, and we assume responsibility for all historic and ongoing business rates obligations.
Sell a company that owes money to suppliers
Yes. You can sell a company that owes money to suppliers. Trade creditor debts transfer to us through the share sale, and suppliers become creditors of the company under our ownership.
Supplier debt wiped if I sell my Ltd company?
No. Supplier debt is not wiped when you sell your limited company. The debt transfers to us as the new owner who becomes responsible for paying suppliers or managing those creditor relationships.
Can I sell my limited company even though it has debts?
Yes. You can sell a limited company with debts. The company's limited liability structure means debts belong to the company entity, which transfers to us along with ownership.
Sell a company with a negative balance sheet
Yes. Companies with negative balance sheets (liabilities exceed assets) can be sold. We purchase companies where debts outweigh assets, taking on the negative equity as part of the transaction.
The company owes money to everyone. Can I sell it?
Yes. You can sell a company that owes money to multiple creditors. All debts—regardless of number or type—transfer to us through the share purchase agreement.
I have multiple debts, HMRC, suppliers, and loans. Can I sell?
Yes. Companies with multiple debt types including HMRC, suppliers, and loans can be sold. We acquire all outstanding liabilities as part of the company purchase, provided the £10,000 minimum unsecured debt threshold is met.
Company with CCJs and winding-up threats for sale
Yes. Companies facing County Court Judgments and winding-up threats can be sold. The sale must complete before a winding-up order is granted, with us taking on all existing legal judgments and threats.
Sell company with invoice finance debt
Yes. Invoice finance arrangements transfer with the company sale. The debt to the finance provider becomes our responsibility after the share transfer completes.
Can I sell company with overdrawn director's account?
Yes. If you owe money to the company (overdrawn director's loan account), this debt transfers to us. Discuss settlement options before completing the sale.
Sell company with utility bill arrears
Yes. Utility arrears (gas, electric, water, telecoms) transfer to us as company debts. All outstanding bills become our responsibility after the share purchase.
Sell company with CBILS loan outstanding?
Yes. Coronavirus Business Interruption Loan Scheme (CBILS) debts transfer to us when we purchase your company. All COVID support loan obligations become our responsibility.
Recovery Loan Scheme debt - can company be sold?
Yes. Recovery Loan Scheme debts transfer through the share sale. These government-backed loans remain company debts that transfer to us.
Can I sell company with factoring agreement?
Yes. Invoice factoring or asset-based lending arrangements transfer with the company. The factoring company becomes our creditor after the sale completes.
Sell company with overdue commercial rent?
Yes. Commercial property lease obligations and rent arrears transfer to us. The landlord's claim becomes against the company under our ownership.
Company owes money to family or friends - will they get paid?
Personal loans to the company transfer like any other creditor debt. Whether they get paid depends on the new owner's decisions. We don't guarantee creditor repayment—we purchase the company with all its debts.
Sell company with unpaid subcontractors?
Yes. Subcontractor debts transfer to us through the share sale. Trade debts to subcontractors become our responsibility after completion.
Can I sell if court judgment already registered?
Yes. County Court Judgments (CCJs) against the company transfer with the share sale. The judgment creditor's claim becomes against the company under our ownership.
Sell company with insurance premium finance debt?
Yes. Outstanding insurance premium finance agreements transfer as company debts. The finance provider becomes our creditor after the sale.
Company has charging order on property - can I still sell?
Yes, but this is complex. A charging order secures a debt against company property. The charge transfers with the company, but discuss this specific situation with our legal team before proceeding.
Sell company with HMRC debt and director's loan account overdrawn?
Yes. Both the HMRC debt and your overdrawn director's loan account transfer with the company. You owe the company money (director's loan), and the company owes HMRC. Both obligations transfer to us.
Director Liability & Personal Protection
Director personally liable for HMRC debt after sale?
No. After a proper company share sale, directors have no personal liability for HMRC debts. The company's obligations transfer to us as the new owner, protecting your personal assets.
Am I personally liable for the company's debt after the sale?
No. When you sell your company shares through our process, all company debts remain with the company entity. We assume all liabilities, and you have no personal responsibility for the debts.
Can I be sued personally if I sell a company with debt?
No. You cannot be sued personally for company debts after a legitimate share sale. The sale legally separates you from the company, and creditors can only pursue the company under new ownership.
Does selling the company protect the director from liability?
Yes. Selling your company through share transfer protects directors from personal liability for company debts. The sale transfers ownership and all associated obligations to us, ending your legal connection to the liabilities.
Personal assets safe if I sell an indebted company?
Yes. Your personal assets remain safe when you sell an indebted company through proper share transfer. The company's debts stay with the company and transfer to us, not to you personally.
Can I walk away from company debt?
Yes. By selling your company shares to us, you walk away from company debt. We take ownership of the company and all its debts, allowing you to exit cleanly without personal liability.
Escape company debt without personal bankruptcy?
Yes. Selling your company allows you to escape company debt without filing for personal bankruptcy. The share sale transfers all debts to us, protecting your personal credit rating and assets.
Will creditors chase me after I sell the company?
No. After the share sale completes, creditors have no legal claim against you personally. Their claims remain against the company entity, which is now owned and controlled by the new directors.
Can creditors stop me from selling my company?
No. Creditors cannot prevent you from selling your company shares. Directors have the legal right to sell under the Companies Act 2006. Creditors are notified after completion.
Director disqualification risk after company sale?
Selling your company through legitimate share transfer does not carry disqualification risk. However, if the company later enters liquidation, your conduct as director in the three years prior will be investigated by any appointed liquidator.
Do I need to cooperate with liquidator after sale?
Yes. If the company later goes into liquidation under new ownership, you have a legal duty to cooperate with any liquidator or the Insolvency Service regarding your period as director.
Personal guarantees after company sale?
Personal guarantees you signed as director remain your responsibility after the company sale. The share transfer does not release you from personal guarantees. We offer a separate service to help with personal guarantees—contact support@blackstaradvisorygroup.co.uk.
Can I take money out before selling company?
You must act responsibly. As a director, you have a duty to consider creditors' interests. Assets can be transferred for fair value or offset against director's loan accounts, but inappropriate transfers (like dividends) could be challenged if the company later enters liquidation within six months.
Am I breaking the law by selling insolvent company?
No. The Companies Act 2006 gives directors the legal right to sell their company, even if trading insolvent or struggling with debts. Our partnered legal team ensures the process is fully compliant.
Wrongful trading risk if I sell company?
Selling your company through proper share transfer is not wrongful trading. However, you must act responsibly before the sale—seek independent legal advice if uncertain about any actions you're considering.
What happens if company goes into liquidation after sale?
The buyer becomes responsible for dealing with any liquidation. You may be contacted to provide company records and cooperate with the liquidator regarding your time as director, which is a legal requirement.
Can I be investigated after selling my company?
If the company later enters liquidation, the liquidator will investigate director conduct for the three years prior. This is standard procedure under UK insolvency law and applies whether you sold the company or not.
Director's loan account - what happens after sale?
Director's loan accounts transfer with the company. If you owe the company money, the debt transfers to the new owner. If the company owes you money, that claim also transfers—discuss repayment before sale.
Do I need indemnity insurance after selling company?
Our legal process protects you through proper share transfer. However, if you're concerned about historical director conduct, seek independent legal advice about indemnity insurance options.
Can I be prosecuted for selling a company with debt?
No. Selling your company with debt is legal under the Companies Act 2006. However, you must not engage in fraudulent activity (asset stripping, false accounting, etc.) before the sale.
If I sell company can bailiffs still come to my home?
No. Bailiffs enforcing company debts cannot pursue you personally after the share sale. Company debts remain with the company entity, now owned by us. Personal guarantees are separate.
Can creditors freeze my personal bank account after sale?
No. Creditors of the sold company have no claim against your personal bank accounts. The debts belong to the company entity, which transferred to us through the share sale.
Sell company - does it affect my personal credit score?
Minimal impact. The company sale itself doesn't appear on your personal credit file. However, if you had personal guarantees or director loans, those may have separate credit implications. The company's insolvency history stays with the company.
Am I liable if buyer doesn't pay company debts?
No. Once the share transfer completes, you have no responsibility for how the new owner manages the company or its debts. All liabilities transferred to us.
Can I be forced into personal bankruptcy after selling company?
No. Selling your company through share transfer does not create personal bankruptcy risk. Company debts remain separate from your personal finances unless you had personal guarantees.
What if creditors claim I acted fraudulently?
If creditors make allegations of fraud, you should seek immediate legal advice from a solicitor. We are not legal advisors. Fraudulent trading is a serious matter requiring professional legal representation.
Director ban risk - does selling company help or hurt?
Neither. If the company later enters liquidation under new ownership, the liquidator investigates your conduct during your time as director. Selling versus liquidating yourself doesn't change this requirement.
Can I be sued for debts incurred before I became director?
Company debts from before your directorship remain company debts. After selling the company to us, these historical debts transfer with the company. You have no personal liability unless you acted improperly.
PRE-SALE PREPARATION
Should I tell employees before selling company?
Yes. Since we don't continue trading the company, you should make employees redundant before the sale. Employment law requires proper notice and process. Seek employment law advice regarding obligations.
Do I need to tell suppliers I'm selling the company?
No. Supplier notification happens after the sale completes using the template letter provided. You're not required to notify suppliers before completion.
Can I collect outstanding invoices before selling?
You can collect invoices owed to the company before sale, but any funds collected belong to the company. Extracting cash requires careful consideration of your duties to creditors. Seek legal advice.
Should I file accounts before selling company?
Not necessarily. Outstanding filing obligations transfer with the company. However, having up-to-date accounts may help calculate total liabilities accurately for the fee quote.
Can I cancel company contracts before sale?
Canceling contracts before sale may affect company value or creditor interests. Discuss any planned contract cancellations with our legal team before proceeding. You must act in creditors' interests.
Do I need to empty the company bank account?
No. Bank account management is discussed with our legal team during the process. Inappropriately withdrawing funds could be challenged if the company later enters liquidation.
Should I resign as director before the sale?
No. You remain director until the share transfer completes. Our legal team handles your removal as director as part of the completion process.
Can I sell company assets separately before sale?
Selling company assets requires careful consideration of creditor interests and fair value. Inappropriate asset sales could be challenged. Seek independent legal advice before selling any company assets.
What if creditors contact me during the sale process?
Continue normal communication with creditors until the sale completes. Don't promise anything or provide false information. Once sale completes, you provide them with the template letter and new director details.
Do I need audited accounts to sell company?
No. Audited accounts are not required. We need an accurate summary of total liabilities for fee calculation, but formal audited accounts aren't necessary for the sale process.
PHOENIX COMPANIES & POST-SALE RULES
Phoenix company rules after company sale
If the sold company later enters liquidation, you're prohibited from using: (1) the company name from the 12 months before liquidation, or (2) a name so similar that customers/suppliers would assume connection. Breach can result in personal liability for new company debts.
Can I start new company after selling old one?
Yes, but phoenix company rules apply. You cannot use the same or similar name as the sold company for 12 months. The name restriction prevents customers or suppliers from assuming the businesses are linked.
Can I use similar company name after sale?
No, not for 12 months. The law prohibits using a name by which the sold company was known in the 12 months before liquidation, or a name similar enough that people would assume the businesses are linked.
Can I carry on trading after the sale using the old company name?
No. Phoenix company legislation prevents you from using the sold company name for a new business within 12 months if the sold company later enters liquidation. You risk personal liability for new company debts if you breach this rule.
Trading name restrictions after company sale
Trading names (like a hotel or sandwich bar name) have less strict rules than company names. However, seek independent legal advice before using any name connected to the sold company to avoid phoenix company violations.
Can I be a director of another company after sale?
Yes. Selling your company doesn't prevent you from being a director of other companies, provided you comply with phoenix company name restrictions and haven't been disqualified.
Do I need permission to start new company after sale?
No permission is needed to start a new company. However, you must comply with phoenix legislation (name restrictions) and ensure you're not subject to director disqualification.
Can creditors pursue my new company?
No. Creditors of the sold company have no claim against your new company. The debts belong to the sold company entity, not to you personally, and cannot transfer to a new business you create.
How long until I can use the old company name again?
12 months from liquidation (if the sold company later enters liquidation). If the sold company never enters liquidation, phoenix rules don't apply—but this is rare, so plan for the 12-month restriction.
What if I accidentally breach phoenix company rules?
Breaching phoenix rules can result in personal liability for the new company's debts. If you realize you've breached the rules, seek immediate legal advice from an insolvency solicitor to understand your position.
Can I buy back the company later?
Theoretically yes, if the new owner agrees to sell it back. However, this is extremely unlikely and would require negotiation with us. Phoenix company rules would still apply if the company later liquidates.
Can I be consultant to new company in same industry?
Yes. You can work as an employee or consultant in the same industry. Phoenix rules only restrict using the sold company's name, not working in the same field.
Can I use my own name as new company name?
Yes. Using your personal name for a new company is permitted. Phoenix rules restrict using the sold company's business name, not your own personal name.
What if I unknowingly breach phoenix rules?
If you accidentally breach phoenix company legislation, seek immediate legal advice from an insolvency solicitor. Breaches can result in personal liability for new company debts. We are not legal advisors.
Can I contact old company's customers after sale?
Yes, but carefully. You can approach customers for your new business, but cannot imply the businesses are connected or use the sold company's name. Seek legal advice if uncertain about specific actions.
Liquidation Alternatives
Alternative to liquidation for an insolvent company
Yes. Selling an insolvent company is a legal alternative to liquidation. We purchase distressed companies, taking on all debts and liabilities, avoiding the costs and public record of formal insolvency proceedings.
Sell the company instead of liquidation
Yes. You can sell your company instead of entering liquidation. Our share purchase transfers ownership and debts to us, providing a faster and less damaging exit than formal insolvency procedures.
Sell the company with debt instead of going bust
Yes. Selling your company with debt is a viable alternative to going bust. The sale allows you to transfer all liabilities to us, avoiding liquidation while protecting your personal position.
Can I sell my failing business?
Yes. You can sell a failing business regardless of its financial position. We purchase distressed companies, taking on existing debts and obligations as part of the share acquisition.
Quick company sale to avoid insolvency
Yes. Our process completes within 48 hours after fee payment (excluding weekends). This speed can help you exit before creditor action escalates or formal insolvency proceedings begin.
Stop liquidation, sell the company instead
Yes, if you act quickly. The sale must complete before a winding-up order is granted. Once an order is in place, control passes to the liquidator and sale is no longer possible.
Company sale vs liquidation - which is better?
They serve different purposes. Liquidation is a formal insolvency process that ends the company publicly, impacts your credit for 7 years, and involves director investigation. Company sale is a private transaction that transfers debts to the buyer within 48 hours. We are not advisors—seek independent professional advice to understand which suits your situation.
Company sale vs CVA - which should I choose?
A CVA (Company Voluntary Arrangement) requires the company to continue trading and repay creditors over time. Company sale transfers all debts to us immediately and you exit. We are not insolvency practitioners—seek independent advice from a licensed IP to compare options.
Company sale vs administration - differences?
Administration aims to rescue the company or achieve better returns for creditors than liquidation. Company sale transfers ownership and debts to us, ending your involvement. Seek independent IP advice to understand which process fits your circumstances.
Is liquidation cheaper than company sale?
Liquidation costs vary but typically range from £6,000-£15,000 for creditor-led liquidations. Our fee is based on your total liabilities—contact support@blackstaradvisorygroup.co.uk for a no-obligation proposal to compare costs.
Can I avoid liquidation by selling company?
Yes, if you sell before a winding-up order is granted. Once the sale completes, you're no longer the director, and liquidation (if it happens) is the buyer's responsibility.
Liquidation consequences I avoid by selling
By selling instead of entering liquidation yourself, you avoid: public record at Companies House (7 years), credit file damage (7 years), immediate business closure, asset seizure, and potential director disqualification. However, if the buyer later liquidates the company, you may still be contacted for cooperation.
How long does company sale take vs liquidation?
Our process: 48 hours after fee payment. Liquidation process: 6-18 months typically. Company sale is significantly faster.
Do I still get investigated if I sell instead of liquidate?
If the company later enters liquidation under new ownership, your conduct as director in the prior three years will be investigated. This is unavoidable under UK insolvency law regardless of whether you sell or liquidate yourself.
Can I sell company after receiving liquidation notice?
Yes, but act immediately. You have approximately 7 days after receiving a statutory demand before a creditor can petition for winding-up. Contact us urgently—we work within 48-hour timelines.
Too late to sell - winding up order already granted?
Unfortunately, yes. Once a winding-up order is granted, control passes to the Official Receiver or liquidator. The company can no longer be sold. Act before the court hearing to preserve this option.
Creditors' meeting scheduled - can I still sell?
Yes, if it's a voluntary meeting you scheduled. If a creditor has forced a statutory meeting or winding-up petition hearing is set, timing is critical. Contact us immediately to assess if sale can complete first.
Is company sale confidential or will people know?
The share transfer is filed at Companies House (public record), showing change of ownership and directors. However, unlike liquidation, there's no public insolvency notice or creditor advertisement required.
LEGAL & COMPLIANCE
Is selling insolvent company legal?
Yes. The Companies Act 2006 gives directors the legal right to sell their company, even if trading insolvent or struggling with debts. Our partnered legal team ensures the process is fully compliant with UK law.
Do creditors get notified of company sale?
We provide a template letter you can use to notify creditors of the sale and provide the new directors' contact details. Notification typically happens after the sale completes.
Is company sale registered at Companies House?
Yes. The share transfer and change of directors are filed at Companies House, creating a public record of the ownership change. This is a legal requirement under the Companies Act 2006.
Can the sale be reversed after completion?
No. Once the share transfer is legally completed, filed at Companies House, and the fee is paid, the sale cannot be reversed. The transaction is final.
What laws govern company sale process?
Company sales are governed by the Companies Act 2006, which grants directors the right to sell shares. If the company is insolvent, directors must also consider duties under the Insolvency Act 1986 to act in creditors' interests. Seek independent legal advice if uncertain about your obligations.