The Directors Helpline: guiding UK businesses through uncertain times

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FREE guidance for your business

Here at The Directors Helpline we have over 15 years’ experience supporting company directors on a wide range of issues. From general financial information, through to business recovery, restructuring or even closing your company, we can help.

Trusted by over 600 Directors every month – get in touch today for free, transparent and practical advice today without any obligation.

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The guidance your business needs

Can I close my LTD company with a Bounce Back Loan?

Yes. However, the only way to do this is through Liquidation. Whilst the debts lie with the Ltd company, it is imperative to understand how it was applied for and what it was spent on, to ascertain if there would be any personal implications for you, the Director.

Talk to the team to understand your situation.

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Will closing affect my personal credit?

No. Having a Limited Company limits your liabilities, meaning any debts which arise within the company do NOT belong to YOU personally. However, it can impact you personally when there are things like overdrawn directors loan accounts, personal guarantees or misuse.

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Am I personally liable for the Bounce Back Loan?

No, it is 100% backed by the government.

If you're closing your company with an outstanding Bounce Back Loan, the only way is through Liquidation. However, there will be an investigation into how it was spent and applied for.

Talk to the team to understand any personal implications first.

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What happens if my company can't pay HMRC?

Call HMRC and tell them your situation sooner rather than later. Putting this off will only make the issue worse. Offer them a payment plan (Time to Pay Arrangement) which will allow you to pay the debt in affordable monthly instalments.

If this fails, there's always another solution. Get in touch with our team.

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How much does it cost to liquidate?

Insolvency fees range from £4k-£6k depending on the firm you use and the complexity of the case. However, it is vital you seek advice as there can be hidden fees or personal implications the Insolvency Practitioner didn't address beforehand.

The Directors Helpline will assess any personal implications before beginning the Liquidation process.

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Can I be a Director again?

Yes - in most cases, you can be a director again after you close your company.

However, in some instances where a company director has committed any wrongdoing, hasn't followed the correct procedures, or has previously been disqualified, you are likely to experience problems becoming a director again.

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The sooner you get in touch, the more options you will have

If your business is experiencing uncertain times, it's imperative you seek guidance immediately. Your business will have options, and not every company needs to close. We assess your individual circumstances to help you determine the most suitable route for your company, be it alternatives to closing, restructuring or liquidation.

David Newton and Cait Dyson - The Directors Helpline Free consultations
Get in touch today

Get in touch today

Speak to Jonathan and the team today to discuss your business needs.