Bounce Back Loan Scheme (BBLS) is launched by the UK government to help small and medium-sized businesses by offering them a government-backed loan between £2,000 and up to 25% of their turnover (maximum of £50,000). The main objective behind the scheme is to help small businesses survive the trading restrictions imposed due to Covid-19. Despite these measures, figures are quite disappointing, as a record number of businesses have been forced to close permanently leaving the BBLS outstanding.
If you cannot pay back the Bounce Back Loan, your company may have already reached the insolvency level. Insolvency means that the key responsibilities of the director lies with the creditors and not with the shareholders, which means you can’t pay yourself, employees or any creditor based on your preference. Otherwise, it will be treated as wrongful trading on the part of the director, leading to a severe civil offence, ultimately making you personally liable as a director.
You can avoid the personal liability for Bounce Back Loan by adherence to the following –
Evidence of HMRC taking action against businesses: Insolvency Service takes action against businesses abusing COVID-19 financial support - https://www.gov.uk/government/news/insolvency-service-takes-action-against-businesses-abusing-covid-19-financial-support
Here is what’s included in our service:
If you require any further guidance and tips on repaying Bounce Back Loans or to understand the options you have, get in touch with our experts.
To get started call us today at 03300 886 686 or book a free consultation.
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