Want to know how you can get rid of a company with a bounce back loan for £10 by striking the company off?

I knew that would get your attention.

You can’t!

I can’t believe this advice is still being given to people – it could seriously damage your financial well-being!

DO NOT do this under any circumstances

Many directors are tempted to use a company strike-off to avoid paying back a bounce-back loan. This advice is still being given.

You cannot strike a company off if you owe a BBL.

The bank will see what you have tried to do, they will object to you striking off with a bounce back loan.

The banks can’t claim their money from the government if you are allowed to strike a company off with a bounce back loan.

If you are one of the directors who have struck their company off with a bounce back loan (figures were up 743% in the first quarter of 2021) then your company is going to be reinstated by the bank and you’re going to have to answer the question ‘why did you try to strike a company off with a bounce back loan?’.

There is a new law coming in that will allow HMRC and the insolvency service to investigate directors who struck their company off with debts such as the bounce back loan.

The Ratings (coronavirus) and directors disqualification (dissolved companies) bill is going to allow retrospective action to be taken which will include disqualification and personal liability if a director is found to have dissolved a company owing money.

If you can’t afford to pay your bounce back loan you should consider using the PAYG option or potentially a voluntary liquidation.

Any questions please let me know and if you are concerned about how your company is going to pay back your bounce back loan get in touch for some free, no strings and confidential advice.

All the best,
Chris

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