Successor company
A company that takes over some or all of the business, assets, customers or operations of an earlier company.
Related terms
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Phoenix company
A new company that carries on the business or uses assets of a failed company. This can be legitimate if handled properly, but strict rules apply to assets, names and director conduct.
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Phoenixing
The process of continuing a business through a new company after an earlier company fails. It must be structured lawfully and not used to evade creditors improperly.
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Re-use of company name
Using the same or a similar name after a company enters insolvent liquidation. Directors can face restrictions and personal liability if statutory rules are breached.
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