Meet the Other Phone. Flexible and made to last.

Meet the Other Phone.
Flexible and made to last.

Buy now

Please or to access all these features

Money matters

Find financial and money-saving discussions including debt and pension chat on our Money forum. If you're looking for ways to make your money to go further, sign up to our Moneysaver emails here.

Closing a Ltd company / CVL / Bounce back loans

4 replies

youngestisapsycho · 13/10/2021 15:55

Does anyone have knowledge in these areas?
TIA

OP posts:
BritInUS1 · 13/10/2021 16:14

You need to employ a professional to help you with this

Speak to a liquidator

Badbadbunny · 13/10/2021 19:38

The big question is what you did with the BBL monies. If you paid yourself with them, then the liquidator will probably seek repayment from you, especially if you paid yourself as dividends or a directors' loan. However, if you just continued to pay yourself your "normal" wage (at similar levels to pre covid), then they can't usually try to claw that back. The point of BBL loans was to keep the company operational, not for owners to use the money for their own expenses. As said above, talking to a liquidator is probably best advice as they'll have more experience as to how the banks, HMRC etc are treating insolvent companies with BBL loans outstanding.

TakeYourFinalPosition · 13/10/2021 19:50

What @Badbadbunny said is my understanding too.

youngestisapsycho · 13/10/2021 21:44

Thanks all

OP posts:
New posts on this thread. Refresh page
Swipe left for the next trending thread