COMPANY INSOLVENCY ADVICE
Can’t Pay Bounce Back Loan
If your business can’t pay a Bounce Back Loan or is at risk of missing payments, contact us today. We can help you to understand your options in terms of restructuring your payments and identify ways that you can secure the funds you need.
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can’t pay Bounce Back Loan
How we can help with Bounce Back Loans
✓ Gain advice on whether a Members’ Voluntary Liquidation is right for your business
✓ Learn about the financial outcomes of Voluntary Liquidation
✓ Find out how the Members’ Voluntary Liquidation process works and what you need to do
✓ Get expert support and discover other ways to approach closing a business
My Company Cannot Afford To Pay Back Its Bounce Back Loan
When the COVID-19 pandemic started in 2020, the UK government quickly introduced Bounce Back Loans. These were designed to help companies get through the difficult time and get back on their feet. The take-up was massive, but not all Bounce Back Loans resulted in businesses continuing successfully. Lenders were not allowed to take security or personal guarantees and in the event of non-payment, the government agreed to reimburse the lender.
For some companies, the additional burden of Bounce Back Loan repayments has put them in a difficult financial situation, especially in cases where there has been no recovery of trade to keep the company going. There are several financial options that may be available to support your business, and you should contact us as soon as possible to discuss how you can move forward.
At Company Insolvency Advice, we will work with you to understand your current financial situation and how your Bounce Back Loan was used, in order to provide you with accurate advice. It may be possible to restructure your repayments or to secure more time to pay. It is important to contact us as soon as you notice that there is a problem, as there may still be time to rescue your business before it faces insolvency.
Our discussions are always fair and honest, and we work hard to your business’ position and its needs so that we can offer the best advice. We offer directors of limited companies a realistic view of their options so that they can feel confident in moving forward and resolving these challenges.
In most cases, the answer to this is no. If Bounce Back Loan funds were used in the ordinary course of business and to support the company through the pandemic and economic downturn, there will be no recourse against company directors. Failure to make Bounce Back Loan repayments is not a justification by itself to disqualify anyone from becoming a company director in the future.
At Company Insolvency Advice, we always talk to directors about how Bounce Back Loan monies were used, to help prevent people from falling into any traps they may be unaware of.
You can usually dissolve your company if your Bounce Back Loan has been repaid in full. However, if you try to dissolve a company via form DS01 and you still owe repayments on your Bounce Back Loan, it is likely that the lender will object. Furthermore, it is an offence to try to dissolve a company that knowingly has debts, unless a formal agreement is reached that these debts are written off.
We regularly assist companies of all types that have been unsuccessful in the route of dissolution. There are various alternatives that are open to company directors in this position; if you need any further information or wish to discuss your company’s financial situation on a confidential basis, please contact us as soon as possible.
If you have a question about Bounce Back Loans, restructuring and repayments, contact the experts at Company Insolvency Advice today. We are happy to discuss your situation on a confidential basis and will offer you a thorough overview of your available options, so that you can be sure to choose the best path forward for you and your company.
Call us on 0800 999 0666 or use our online enquiry form and we will call you back.
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Director Advice Line: 0800 999 0666
Why Choose Company Insolvency Advice?
Our advice is confidential and impartial, which means you can talk honestly about your situation and receive bespoke, practical guidance that can help to resolve the challenges your business is facing.
Effective Communication
Good communication holds the key to any financial advice for businesses and our remit is to provide clear and accurate debt advice.
Extensive Experience
Our staff have many years’ experience in dealing with ever-expanding creditor pressure and economic issues that affect companies.
Trusted Reputation
We pride ourselves on the reputation we have built up over the years in assisting company directors resolve various financial issues.
GET SPECIALIST HELP
Contact our team of company insolvency specialists
Company Insolvency Advice is a leading business rescue, corporate restructuring and insolvency specialists, with years of experience in providing corporate debt solutions. We understand the daily pressure you are under as a director and our team of expert consultants cover the whole of the country in order to discuss debt solutions with company directors.
The first port of call should be to consult with a licensed insolvency practitioner to discuss your options. Thankfully, you can arrange a free initial consultation with one of our local insolvency practitioners at your convenience.
Get in touch with us today on 0800 999 0666 or fill out our online enquiry form.
Get free, immediate help today
By submitting this form, I give Company Insolvency Advice permission to contact me. More information can be found in our privacy policy here
