![]() ![]() In certain circumstances, the company may be able to continue trading using a similar name to its predecessor.The phoenix company may be able to continue to do business with many of its old suppliers and customers.It may even be able to continue using the same premises if the landlord agrees. The phoenix company will be able to continue trading free from its historic debt using the assets of its predecessor, providing they have been bought at market value.This will not only protect their livelihoods but also reduce redundancy pay-outs and may increase the amount of money available for distribution to creditors. A phoenix company can help preserve the jobs of employees.Where the use is permitted, they have several advantages over other processes. This ensures that all regulations are complied with and all creditors are dealt with appropriately. It is perfectly legal to set up a phoenix company, as long as the assets are acquired at market value following a formal insolvency process such as a pre-pack administration or liquidation. The money realised through selling the assets will be used to make repayments to creditors after deductions for the costs and expense of the insolvency process, and any remaining debt will be legally written off, giving the company a fresh start. It will, however, be free from the debt that forced the old company into insolvency. It will often have the same board of directors as its predecessor and may even be permitted to use a similar trading name, provided that strict guidelines are adhered to.Ī phoenix company is able to pick up right where its predecessor left off, provided it has purchased the assets at market value. In order for this to go ahead, assets from a previous enterprise that was no longer viable, will be purchased at market value by the directors of the new company. The sale or transfer of the business and assets of the insolvent company often occurs through the use of a pre-pack administration, or a pre-pack liquidation. The term ‘phoenix company’ refers to a new company that has been specifically created for the purpose of continuing the business of an insolvent company which ceases to exist. Can a phoenix company re-use a trading name?.Is it legal to set up a phoenix company?.HID® Crescendo Management Tool provides a simplified way to quickly manage your HID Crescendo® devices, including the High Assurance Crescendo C2300 hybrid smart card and the USB- and NFC-enabled HID Crescendo Key Series.Ĭrescendo Management Tool is simple to deploy and allows users of Microsoft® Windows® desktop and server operating systems to quickly configure Crescendo devices for use without the need for central administration or remote management. The tool can also be used to manage the PIN for the devices. With Crescendo Management Tool it is possible to configure One-Time-Password slots and manage key pairs and their associated X.509 certificates in the PKI slots. Crescendo Management Tool (V2.0) ac.cmt_.gui_2.0.0.29.zip - 45.04 MBĬrescendo Management Tool is a Java application that allows exploring the capabilities of Crescendo C2300 smart cards and Crescendo Key devices.
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