When contemplating the closure of a company, many directors wonder about the feasibility of striking off a company with an outstanding Bounce Back Loan (BBL). Understanding the legal and financial implications is essential for making an informed decision.

If you can't afford an insolvency practitioner, try voluntary strike-off, negotiating with creditors, or debt charities. However, an Insolvency Practitioner is ultimately valuable.

When a company is liquidated, directors' loans are scrutinised, and their treatment depends on whether the director owes money to the company or vice versa. Directors should manage these loans carefully to mitigate financial risks.

To support directors during this challenging time, I ensure they have my direct contact details. I understand that questions and concerns can emerge outside regular working hours.

Is it possible to liquidate a limited company and open a new one? Yes, it is, but it's essential to consider legal, financial, and practical implications.

In the wake of economic uncertainties, the UK government introduced Bounce Back Loans (BBLs) as a lifeline for struggling businesses during the COVID-19 pandemic. However, companies are now facing difficulties in repaying the bounce back loans.

In the world of business, it is highly likely that your company will at some point pay tax; be it VAT, PAYE/NI or Corporation Tax. Businesses can find themselves juggling an array of financial responsibilities and it can become overwhelming, especially if the business is unable to meet its tax obligations.

It is important to understand the roles and responsibilities of being a director when your company is entering in to liquidation. In this article, we look at the dos and don'ts of your responsibilties.