With the 2.2 patch, they included a feature where the ownership of a free company would be transfered to another member who fits certain conditions the best.

With the ownership, perhaps an option to change the Free Company name as well (one time till next event where the ownership is forcefully transfered) might be an idea. Most people should notice that it's the same FC (especially if they had a house before the name change). A new name would indicate a new owner and also a new start.

The name changing option shouldn't apply if a player was promoted to guild leader or if another player hasn't been a guild master for less than 35 days (same time required for a forced ownership change)