Can I change my company’s name during administration?
Yes, you can change a company’s name during an administration process. You will need to discuss the proposed name change with the appointed insolvency practitioner. Generally, this is not likely to be problematic, and the request is likely to be approved.
Changing a Company Name in Administration
If you’re considering changing a company name before or during administration, the answer is yes. It’s quite common for businesses to alter their name before commencing an insolvency procedure, and company administration typically allows for this.
Opting for voluntary administration involves appointing a licensed insolvency practitioner (IP) who, after evaluating the company’s situation, devises a plan for the future. Initially, you would need to approach them to discuss a change of name for the company, but in most cases, it’s unlikely to cause a problem.
Why change your company’s name during administration?
There are several reasons why directors might choose to change their company name during administration, one of which could be to disassociate debt from their ‘brand’ and signify a fresh start.
Changing a company name in administration is typically a straightforward process, whether it occurs before entering the procedure, during, or afterwards. With the support of the administrator, you’ll be able to complete the necessary steps with confidence.
How do you change the company name in administration?
A change of company name occurs through either a written or special resolution, both involving a vote by members. At least 75% of shareholders (by the value of shares) must vote in favour of changing the company’s name, and once a resolution is passed.
The resolution is signed and submitted to Companies House along with form NM01, ‘notice of change of name by resolution,’ and the associated fee. The current fee is £10 for postal submission and £8 for online filing.
Simultaneously, the Articles of Association need amendment and submission to Companies House. It’s essential to note that the company’s name is not officially changed until Companies House issues a certificate of incorporation on the change of name.
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Certificate of incorporation on modification of name
You may receive the certificate either electronically or through the postal system, depending on how you filed form NM01. Typically, it takes around five working days from receipt at Companies House.
If your company is facing financial decline, and you are contemplating voluntary administration or seeking more information on changing your company name in administration, Vanguard Insolvency can assist. With an extensive network of offices across the UK, we provide free same-day consultations. Please contact one of our team members to arrange a meeting near you.
I am an insolvency professional with a distinguished career specialising in commercial insolvency, adeptly navigating Creditors Voluntary Liquidation, Company Voluntary Arrangements, and Company Administrations. With a comprehensive understanding of insolvency laws and an unwavering commitment to ethical practices.