2 min read
The general position
Company failure alone does not stop you being a director again. Limited liability exists so honest business risk does not end a career. You can form a new company and trade on.
The limits
You cannot act as a director if you have been disqualified. And rules restrict reusing the name of a company that went into insolvent liquidation (“phoenixing”), to protect creditors. Fresh borrowing for a new venture is assessed on its own merits — see the underwriting guide.
What it means for you
Credicorp lends to your company, not to you personally, and takes no personal guarantee. See business loans or apply online.
Frequently asked questions
Does one company failure stop me being a director?
No, unless you are disqualified. Honest business failure does not bar you from forming and running a new company.
Can I reuse my old company name?
Only within strict rules after an insolvent liquidation, to prevent phoenix abuse. Take advice before reusing a prohibited name.
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