Can I buy back the company’s assets?

Yes. Directors of the insolvent company are often keen to buy back the assets of the business. The liquidator has a duty to establish the value of any company assets before agreeing a sale.

So long as the transaction is carried out correctly, the Directors are free to buy back company assets and form a new limited company to trade through. This is perfectly legal and is sometimes referred to as setting up a ‘phoenix company‘. The Directors should call 0800 1804 933 for advice, prior to forming their new company.