Bounce Back Loan Help
If you are worried about being required to repay a Bounce Back Loan, talk in confidence to a member of our team. We will give you straightforward confidential advice and help you make the decisions which are right for you. Complete the form below and a member of our team will be in touch to find the best solution. Or call us on 0161 819 5280.
Bounce back loan solutions
Bounce Back Loans were introduced by the Government to help companies who were struggling due to the impact of the Covid Pandemic on their businesses. Although the loans provided immediate financial relief for many companies they have resulted in many companies being burdened with debts which they are struggling to repay.
The good news is that in the vast majority of cases, directors will not have any personal liability to repay Bounce Back Loans. The loans were provided to companies without any requirements for directors to provide personal guarantees.
Bounce Back Loans had to be used for the purposes they were provided for which means that the loans had to be used by the company to operate the business of the company. If the company’s directors used Bounce Back Loans for personal use rather than for the benefit of the company the directors could be personally liable to repay the loans.
It is important to note that the directors will only risk becoming personally liable to repay Bounce Back Loans if the company becomes insolvent and ceases to repay the loans.
We provide the most comprehensive debt advice and support for individuals and business owners. Our experienced team offers a personal approach to finding solutions to your debt challenges.
We can help with a variety of solutions, including:
- Company Rescue
- Company Closure
- HMRC TAX & VAT Negotiations
- Company Voluntary Arrangements (CVA)
- Creditors Voluntary Liquidation (CVL)
- Company Administration
- Pre-pack Administration
- Winding Up Petitions
- Compulsory Liquidation
- Members Voluntary Liquidation
- Partnership Voluntary Arrangement
- Individual Voluntary Arrangements
- Partnership Insolvency
- Informal Debt Management for Individuals and Debt Compromise
Client Testimonials
The directors of the company were guided through the liquidation process from start to finish by the team at The Business Debt Advisor. Although the parties were disappointed it was not possible to save all or part of the business of the company it was clear to the directors and the creditors of the company that every effort possible had been made to achieve the best outcome..
A sale of the business and its assets was successfully completed in the Liquidation which has resulted in maximising realisations for the creditors of the company. The directors were able to demonstrate that by ceasing trading and taking steps to liquidate the company they had achieved the best outcome possible for the company’s creditors in the circumstances.
The company was unable to afford to continue trading. The directors sought help and advice from The Business Debt Advisor. After reviewing the viability of onward trading, it was decided that the best option for the company was for the company to be placed into Liquidation. A sale of the business stock, and intellectual property was negotiated with the help of The Business Debt Advisor team which resulted in the maximum possible realisations for creditors and a legacy for the once well-performing brand.