Bounce Back Loan Help
Thousands of businesses throughout the country took advantage of the Government Bounce Back Loan scheme. Most of these businesses were suffering badly because of the Covid-19 pandemic, many would have been forced to close for long periods and others suffered with loss of sales and revenue. The bounce back loan scheme was designed to help these businesses keep afloat and represented a welcome reprieve for many.
Unfortunately for a lot of us, the bounce back loans are long gone yet business hasn't had the chance to get back to normal. Soon we will be facing huge repayments that a lot of businesses just can't afford.
If you are a company director and are worried about how you are going to meet your bounce back loan repayments, we are able to help. We can talk you through your options for paying back your bounce back loan. For those businesses with financial struggles too great to rescue, the best solution may be to wind down in order to stop the situation escalating. If the bounce back loan was taken out and used correctly then, as it is 100% backed by the Government, it will be paid off by them. If you would like to discuss the possibility of putting your limited company into liquidation, click the button below and fill out our simple form. One of our specialists will give you a call to talk you through the procedure and arrange a consultation for you with a licenced Insolvency Practitioner.
Are you considering taking out a top up loan or recovery loan to help pay off your bounce back loan or keep your business afloat?
There are currently adverts increasingly appearing all over social media offering further business loans to help with the Covid-19 crisis. It may seem tempting to jump at one of these options, especially if, like the majority of company directors that took out bounce back loans, you are now in a position where you will not be able to meet the repayments.
Taking out a loan or topping up a loan to keep a company afloat that is already struggling to repay a previous loan may only serve to send that company further into debt and may not be the most viable option for that company.
Provided you used your bounce back loan responsibly and your company was viable when you took it out, the option to liquidate your company may be available to you. Because the bounce back loans were 100% Government backed, it would be written off along with any other corporate debts and the company would cease to exist. You would be debt free and able to start up a different company in the future if you wanted to.
Worried about the cost of liquidation?
There are now options to spread the cost of company liquidation, making it a more affordable option than it used to be. There are also possibilities to receive redundancy payments from the Government.
What we can offer you
If you are considering winding down your company by way of liquidation then it is important to initially take expert advice. We offer free advice from our debt specialists who will look at your circumstances and talk through your options with you. If you decide to proceed with liquidation then we can pass you to a fully licensed Insolvency Practitioner who will be able to talk you through the process and set everything up for you. Your debt specialist will be contactable throughout the process to offer support and advice when needed.
