Hi, Anybody know a decent liquidation company. So I can get rid of my Ltd company please. I have a bounce back loan

[RR-Cobrai]

Hi, Anybody know a decent liquidation company. So I can get rid of my Ltd company please. I have a bounce back loan that I owe £5800 on.

[Willercu]

How much do you owe

[RR-Cobrai]

How much do you owe

updated it pal

[Willercu]

How much do you owe

updated it pal

Don’t pay it. Let hmrc close your company down.
The government will pay it off.
It will cost you the same amount to go down the liquidation root

[RR-Cobrai]

How much do you owe

updated it pal

Don’t pay it. Let hmrc close your company down.
The government will pay it off.
It will cost you the same amount to go down the liquidation root

what so i just ignore any letters & stop paying the loan??

[Willercu]

updated it pal

Don’t pay it. Let hmrc close your company down.
The government will pay it off.
It will cost you the same amount to go down the liquidation root

what so i just ignore any letters & stop paying the loan??

Just go to you’re bank and tell them you’re company is no longer trading.
And don’t do you’re accounts. Stop everything. The loan is with your company not you.

[alan.CEO]

Don’t pay it. Let hmrc close your company down.
The government will pay it off.
It will cost you the same amount to go down the liquidation root

what so i just ignore any letters & stop paying the loan??

Just go to you’re bank and tell them you’re company is no longer trading.
And don’t do you’re accounts. Stop everything. The loan is with your company not you.

that's not entirely true because if you used your bounce back loan to pay any portion of your salary *you* will be liable for at least some of that.

[alan.CEO]

updated it pal

Don’t pay it. Let hmrc close your company down.
The government will pay it off.
It will cost you the same amount to go down the liquidation root

what so i just ignore any letters & stop paying the loan??

this sounds like a bad idea when you say it out loud, right?

[Nigeloomi]

updated it pal

Don’t pay it. Let hmrc close your company down.
The government will pay it off.
It will cost you the same amount to go down the liquidation root

what so i just ignore any letters & stop paying the loan??

If you spent 1p of the BBL on anything other than work costs, you are liable to pay the whole amount back.

[embem]

Don’t pay it. Let hmrc close your company down.
The government will pay it off.
It will cost you the same amount to go down the liquidation root

what so i just ignore any letters & stop paying the loan??

Just go to you’re bank and tell them you’re company is no longer trading.
And don’t do you’re accounts. Stop everything. The loan is with your company not you.

The company is you as long you are Financial & Medical Well meaning you don't make enough $€£ but you still making Some No matters your life quality to them they have to take it back simply as that So don't advise rubbish please

[roweis]

Make sure your directors loan account is £0 if not then you will be personally liable for this……give these guys a ring…
https://www.thedirectorshelpline.org/

[roweis]

And there is no decent liquidation company. Be careful what you tell them as in keep it ‘vague’. They are all smiles and giggles until they hand it over to their liquidator.

[Willercu]

And there is no decent liquidation company. Be careful what you tell them as in keep it ‘vague’. They are all smiles and giggles until they hand it over to their liquidator.

loan is with Ltd company.

[Willercu]

And there is no decent liquidation company. Be careful what you tell them as in keep it ‘vague’. They are all smiles and giggles until they hand it over to their liquidator.

Loan is with Ltd company. Not you.

[roweis]

And there is no decent liquidation company. Be careful what you tell them as in keep it ‘vague’. They are all smiles and giggles until they hand it over to their liquidator.

Loan is with Ltd company. Not you.

I beg to differ mate I’m literally in this situation as we speak.

[roweis]

And there is no decent liquidation company. Be careful what you tell them as in keep it ‘vague’. They are all smiles and giggles until they hand it over to their liquidator.

Loan is with Ltd company. Not you.

Quote “A director's loan must be repaid within nine months and one day of the company's year-end, or you will face a heavy tax penalty. Any unpaid balance at that time will be subject to a 32.5 per cent corporation tax charge (known as S455 tax).”

[roweis]

And there is no decent liquidation company. Be careful what you tell them as in keep it ‘vague’. They are all smiles and giggles until they hand it over to their liquidator.

Loan is with Ltd company. Not you.

plenty more info on google.

[craig_chip]

You may find if you just leave it and company’s house start to close down your Ltd, that the bank will object to closure. HMRC a can also investigate a dissolved company upto 6 years after it has been dissolved. I would certainly get professional help

[Tahard]

You may find if you just leave it and company’s house start to close down your Ltd, that the bank will object to closure. HMRC a can also investigate a dissolved company upto 6 years after it has been dissolved. I would certainly get professional help

yep there's thousands on companies house who have tried to strike off with a BBL and all have been objected to

[AndrewMc]

You may find if you just leave it and company’s house start to close down your Ltd, that the bank will object to closure. HMRC a can also investigate a dissolved company upto 6 years after it has been dissolved. I would certainly get professional help

No may about it. They will.

[France171]

be careful with a bbl its not just company my friend had same but he was still liable for the loan regardless it was in the business name do research 1st normal loans yes bbl im sure work differently

[Tahard]

Presumably you owe significantly more than the BBL?

[RR-Cobrai]

Presumably you owe significantly more than the BBL?

no just the bbl. Im not allowed to use the company no more. I kept it a year hoping the laws would change but not looking likely now

[teenageor]

Whatever you do get professional advice otherwise you can end up in severe hot water. HMRC are not going to be happy with you closing a company down that still owes BBL. You should have an accountant who can help. If not find one.

[RR-Cobrai]

Whatever you do get professional advice otherwise you can end up in severe hot water. HMRC are not going to be happy with you closing a company down that still owes BBL. You should have an accountant who can help. If not find one.

i have an accountant hes useless

[teenageor]

Whatever you do get professional advice otherwise you can end up in severe hot water. HMRC are not going to be happy with you closing a company down that still owes BBL. You should have an accountant who can help. If not find one.

i have an accountant hes useless

We use these guys
https://www.waltonaccountancy.co.uk/

[teenageor]

Whatever you do get professional advice otherwise you can end up in severe hot water. HMRC are not going to be happy with you closing a company down that still owes BBL. You should have an accountant who can help. If not find one.

i have an accountant hes useless

Can highly recommend. Went through several useless accountants before we found these guys. They've been brilliant

[daviDaphne]

Whatever you do get professional advice otherwise you can end up in severe hot water. HMRC are not going to be happy with you closing a company down that still owes BBL. You should have an accountant who can help. If not find one.

i have an accountant hes useless

then find another accountant. Just because he is useless is no reason just to not payback a BBL and liquidate your company.

[RR-Cobrai]

Whatever you do get professional advice otherwise you can end up in severe hot water. HMRC are not going to be happy with you closing a company down that still owes BBL. You should have an accountant who can help. If not find one.

i have an accountant hes useless

then find another accountant. Just because he is useless is no reason just to not payback a BBL and liquidate your company.

ive not used the company for 18 month & been paying it but they're clearly never going to let us use it again.

[daviDaphne]

i have an accountant hes useless

then find another accountant. Just because he is useless is no reason just to not payback a BBL and liquidate your company.

ive not used the company for 18 month & been paying it but they're clearly never going to let us use it again.

I would continue to pay the BBL. Liquidation is not something I would consider for a minimal amount that you borrowed compared to those who have taken £50,000 BBL.
Your credit score will be ruined for 6 year’s minimum.

[Ian_bits]

then find another accountant. Just because he is useless is no reason just to not payback a BBL and liquidate your company.

ive not used the company for 18 month & been paying it but they're clearly never going to let us use it again.

I would continue to pay the BBL. Liquidation is not something I would consider for a minimal amount that you borrowed compared to those who have taken £50,000 BBL.
Your credit score will be ruined for 6 year’s minimum.

it doesn't go on your credit score it's your company

[Ian_bits]

Whatever you do get professional advice otherwise you can end up in severe hot water. HMRC are not going to be happy with you closing a company down that still owes BBL. You should have an accountant who can help. If not find one.

it's nothing to do with the HMRC

[PpaulAce]

I would get professional advice.
I save a news report on this subject about a man wanting to liquidize his company, and the liquidators wanted him to repay the full Bounce Back Loan personality, or they were going to pressure him for the cash through legal means.
There are some decent accountants, liquidators that do videos on YouTube about this subject, but you need to be careful as many people post a lot of sh*t on there.

[valentella]

Be very careful with BBL as many Directors are under investigation regarding this BBL , I had one, and my account whos also a good friend of mine told me very clear “ pay it off “ and I did, the bank won’t let you close it as being the creditor, don’t risk prosecution for 5k, that’s my opinion as I was in the same position

[cleggie]

I suspect the guys having to pay back the BBL personally are where there is an overdrawn directors loan account on the LTD. Either way, I was quoted approx £4500 to go down the liquidation route which is not far off what you're saying you owe. Given the difference Vs the negative outcome of a bankrupt business against your name, I would personally pay it. Happy to recommend the guys I've been speaking to if you still want their details.

[nathanfox]

What did you spend the bbl on, you might still be liable if you didn’t use it as per the government terms. They will check

[travis]

Could I ask why you didn't 'bounce back'? Why did you take the loan in the first place?

[RR-Cobrai]

Could I ask why you didn't 'bounce back'? Why did you take the loan in the first place?

i work on the railway ir35 stopped us using the Ltd company its not been used in well over a year. If they would let me use it id be happy to pay it but the company is useless because of ir35

[caroll_finn]

Could I ask why you didn't 'bounce back'? Why did you take the loan in the first place?

i work on the railway ir35 stopped us using the Ltd company its not been used in well over a year. If they would let me use it id be happy to pay it but the company is useless because of ir35

So you didn’t have a realistic prospect of generating future income through the company, meaning when you took out the loan, you were at least aware that your company would be unable to repay it. Look at the small print that accompanied the application that you signed. Search BBL or Bounce Back Loan, there’s a lot of discussion, links and personal experience. That should point you in the right direction.

[roweis]

I’m coming to the end of a similar situation if you wish to private message me I’m willing to share my experience.

[RR-Cobrai]

I’m coming to the end of a similar situation if you wish to private message me I’m willing to share my experience.

messaged you mate thankyou for offering to help

[carl.F8]

Payments can only be about £140 a month... Just keep paying it

[Lukalue]

Bounce back loan was given in your name not your companies name... also hmrc would not liquidate a company that owes

[Willercu]

Bounce back loan was given in your name not your companies name... also hmrc would not liquidate a company that owes

wrong it was giving to Ltd company.
If it was given to you in your name. Then the bank screwed you over

[alinanz]

Bounce back loan was given in your name not your companies name... also hmrc would not liquidate a company that owes

wrong it was giving to Ltd company.
If it was given to you in your name. Then the bank screwed you over

loan was given to the company but director had to sign it with his own name

[Willercu]

Bounce back loan was given in your name not your companies name... also hmrc would not liquidate a company that owes

wrong it was giving to Ltd company.
If it was given to you in your name. Then the bank screwed you over

loan was given to the company but director had to sign it with his own name

well it’s not if the company can sign it. Can only be done by the directors of the company.

[roweis]

wrong it was giving to Ltd company.
If it was given to you in your name. Then the bank screwed you over

loan was given to the company but director had to sign it with his own name

well it’s not if the company can sign it. Can only be done by the directors of the company.

Have you taken a BBL?

[bullie]

wrong it was giving to Ltd company.
If it was given to you in your name. Then the bank screwed you over

loan was given to the company but director had to sign it with his own name

well it’s not if the company can sign it. Can only be done by the directors of the company.

the rules for bounce back loans were different and they were quite clear and simplified regarding repayment! You could not hide behind the limited liability rules.

[Willercu]

loan was given to the company but director had to sign it with his own name

well it’s not if the company can sign it. Can only be done by the directors of the company.

the rules for bounce back loans were different and they were quite clear and simplified regarding repayment! You could not hide behind the limited liability rules.

must have changed then. All done and dusted with company. No come backs

[bullie]

well it’s not if the company can sign it. Can only be done by the directors of the company.

the rules for bounce back loans were different and they were quite clear and simplified regarding repayment! You could not hide behind the limited liability rules.

must have changed then. All done and dusted with company. No come backs

,

[Willercu]

the rules for bounce back loans were different and they were quite clear and simplified regarding repayment! You could not hide behind the limited liability rules.

must have changed then. All done and dusted with company. No come backs

,

..........

[Willercu]

loan was given to the company but director had to sign it with his own name

well it’s not if the company can sign it. Can only be done by the directors of the company.

the rules for bounce back loans were different and they were quite clear and simplified regarding repayment! You could not hide behind the limited liability rules.

As I say. all done and dusted a year ago

[bullie]

well it’s not if the company can sign it. Can only be done by the directors of the company.

the rules for bounce back loans were different and they were quite clear and simplified regarding repayment! You could not hide behind the limited liability rules.

As I say. all done and dusted a year ago

dissolving your company to avoid repayment constitutes misconduct, what’s hard to understand about that?

[Willercu]

the rules for bounce back loans were different and they were quite clear and simplified regarding repayment! You could not hide behind the limited liability rules.

As I say. all done and dusted a year ago

dissolving your company to avoid repayment constitutes misconduct, what’s hard to understand about that?

closed down due to covid and ir35

[roweis]

Bounce back loan was given in your name not your companies name... also hmrc would not liquidate a company that owes

Depends what bank you took the loan out with. My company has been liquidated & I’m currently trying to make a deal.

[Lukalue]

Bounce back loan was given in your name not your companies name... also hmrc would not liquidate a company that owes

Depends what bank you took the loan out with. My company has been liquidated & I’m currently trying to make a deal.

that is because the loan is in your name not your limited company...I once tried to close a company where hmrc thought I owed and they stopped the closing process until my accountant finished the accounts to say I was not owing..

[roweis]

Bounce back loan was given in your name not your companies name... also hmrc would not liquidate a company that owes

Depends what bank you took the loan out with. My company has been liquidated & I’m currently trying to make a deal.

that is because the loan is in your name not your limited company...I once tried to close a company where hmrc thought I owed and they stopped the closing process until my accountant finished the accounts to say I was not owing..

100% isn’t in my name. The insolvency practitioner is chasing the directors loan account amount not the BBL.

[steerz]

Bounce back loan was given in your name not your companies name... also hmrc would not liquidate a company that owes

same happened to me, although it was error, if bouncebank loan still owed then companies House won't close the company

[Willercu]

Depends what bank you took the loan out with. My company has been liquidated & I’m currently trying to make a deal.

that is because the loan is in your name not your limited company...I once tried to close a company where hmrc thought I owed and they stopped the closing process until my accountant finished the accounts to say I was not owing..

100% isn’t in my name. The insolvency practitioner is chasing the directors loan account amount not the BBL.

well wasn’t done correctly then.

[roweis]

that is because the loan is in your name not your limited company...I once tried to close a company where hmrc thought I owed and they stopped the closing process until my accountant finished the accounts to say I was not owing..

100% isn’t in my name. The insolvency practitioner is chasing the directors loan account amount not the BBL.

well wasn’t done correctly then.

was that comment for me? Surely not.

[Lukalue]

that is because the loan is in your name not your limited company...I once tried to close a company where hmrc thought I owed and they stopped the closing process until my accountant finished the accounts to say I was not owing..

100% isn’t in my name. The insolvency practitioner is chasing the directors loan account amount not the BBL.

well wasn’t done correctly then.

i did not take it but I looked into it.. metro bank would create a separate account with your name to give you the loan hence I decided to back out

[Willercu]

100% isn’t in my name. The insolvency practitioner is chasing the directors loan account amount not the BBL.

well wasn’t done correctly then.

i did not take it but I looked into it.. metro bank would create a separate account with your name to give you the loan hence I decided to back out

that is wrong. It would get paid into your business account
The director signs for it and the government are the guarantor. If you can’t pay it

[AndrewMc]

well wasn’t done correctly then.

i did not take it but I looked into it.. metro bank would create a separate account with your name to give you the loan hence I decided to back out

that is wrong. It would get paid into your business account
The director signs for it and the government are the guarantor. If you can’t pay it

Government only on the hook after the bank as exhausted all other options.

[Lukalue]

well wasn’t done correctly then.

i did not take it but I looked into it.. metro bank would create a separate account with your name to give you the loan hence I decided to back out

that is wrong. It would get paid into your business account
The director signs for it and the government are the guarantor. If you can’t pay it

i did not get it but I know metro bank was going to give the loan in my name if I did go ahead so I backed off..

[Willercu]

i did not take it but I looked into it.. metro bank would create a separate account with your name to give you the loan hence I decided to back out

that is wrong. It would get paid into your business account
The director signs for it and the government are the guarantor. If you can’t pay it

i did not get it but I know metro bank was going to give the loan in my name if I did go ahead so I backed off..

should have told them it goes in Ltd company name

[Laurasy]

I can help put you in touch with the right people x

[RR-Cobrai]

I can help put you in touch with the right people x

please do

[Laurasy]

I can help put you in touch with the right people x

please do

ive inboxes you x

[RR-Cobrai]

I can help put you in touch with the right people x

please do

ive inboxes you x

Thanks x

[Duffy6ul]

As long as you don’t have a directors loan account then just write to all your debtors saying that the company isn’t solvent anymore and has ceased trading - leave them to wind up the company.

[RR-Cobrai]

As long as you don’t have a directors loan account then just write to all your debtors saying that the company isn’t solvent anymore and has ceased trading - leave them to wind up the company.

i have no other debt than the bbl

[Duffy6ul]

As long as you don’t have a directors loan account then just write to all your debtors saying that the company isn’t solvent anymore and has ceased trading - leave them to wind up the company.

i have no other debt than the bbl

ask your accountant about your directors loan account - the BBL isn’t ‘your’ debt it’s the companies debt but if you owe the business money then that’s something that a liquidator can pursue to pay off some or all of the BBL depending on the amount.

[RR-Cobrai]

As long as you don’t have a directors loan account then just write to all your debtors saying that the company isn’t solvent anymore and has ceased trading - leave them to wind up the company.

i have no other debt than the bbl

ask your accountant about your directors loan account - the BBL isn’t ‘your’ debt it’s the companies debt but if you owe the business money then that’s something that a liquidator can pursue to pay off some or all of the BBL depending on the amount.

I owe nothing except the bbl ive asked

[Duffy6ul]

i have no other debt than the bbl

ask your accountant about your directors loan account - the BBL isn’t ‘your’ debt it’s the companies debt but if you owe the business money then that’s something that a liquidator can pursue to pay off some or all of the BBL depending on the amount.

I owe nothing except the bbl ive asked

you don’t owe anything it’s the businesses liability - if the business doesn’t have money to pay for a liquidator then I wouldn’t pay my own money for one

[Kixrk]

You owe the money to the tax payers of the country get it paid back