Director information hub: Restrictions on reusing an insolvent company name
Reusing a company name is prohibited and subject to specific restrictions.
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Restrictions
Reusing a company name is prohibited and subject to specific restrictions:
reuse of company name
You cannot do any of the following for 5 years after the liquidation of the insolvent company:
- be a director of a company known by a prohibited name
- be involved in the promotion, formation or management of a company with a prohibited name
- be involved in the carrying on of a business with a prohibited name
Reusing an insolvent company name
The restrictions apply when a company is wound up:
- by the court (compulsory liquidation)
- voluntarily (creditors voluntary liquidation)
If you break these restrictions, you can be:
- made personally liable for the debts incurred by the company during the breach
- prosecuted and/or disqualified from acting as a director
The restrictions apply to any director, formally appointed or not, involved with the company for up to 12 months before its liquidation. They include the company바카라 사이트™s registered name and any trading names it may have used.
Exceptions
These restrictions apply unless:
- you have permission from the court to use the name
- the business, including the name, is sold during liquidation and you have notified the court
- the company you바카라 사이트™re involved with has been using the same name as the liquidated company for at least one year
Seek independent professional advice if you are:
- or have been a director of a company that has gone into liquidation
- involved in a company that has the same name
- considering starting a company with the same name
Read more information on the reuse of company name.