£16BN lost to fraud and error in COVID business support schemes

It is currently estimated that the UK Government has lost as much as £16Bn as a result of fraud and error across the emergency COVID-19 schemes such as Bounce Back Loans, Coronavirius Business Interruption Loan Schemes and Furlough to name the three best known. Latest figures show that the government loaned or guaranteed amounts reaching […]

Zombie Companies : The Walking Dead of Business

The support offered by the government in light of the pandemic has further deepened the divide between those companies who have prospered and those who have and are facing worries over their futures. In the former, are eCommerce businesses who have in the main flourished, these include digital communications and logistics given the enforced need […]

Timeline to Government’s Business Support Measures Wind-down

Over the coming weeks and months, business owners will have to carefully plan their debt obligations and cashflow needs as government support winds down, businesses must contribute to the Coronavirus Job Retention Scheme and repayments for deferred tax liabilities and loans are required. March 2021 CLBILS, CBILS and BBLS close to new applicants. April 2021 […]

As A Business Owner, Can You Liquidate Your Company If You Have a Bounce Back Loan?

Thousands of small businesses due to start repaying Covid support loans could find themselves unable to make payments. Can you wind up your company if it already has a Bounce Back Loan? A new legislative measure preventing company directors from informally closing their business to avoid an investigation into director conduct, instead of entering a […]

What Is The Recovery Loan Scheme?

The Recovery Loan Scheme (RLS) was announced by the Chancellor in the Spring Budget and replaces the previous coronavirus loan schemes (Bounce Back Loan Scheme / Coronavirus Business Interruption Loan Scheme / Coronavirus Large Business Interruption Loan Scheme), which closed to applications at the end of March 2021. The RLS has been designed to help […]

What happens if you Don’t Pay Back a Bounce Back Loan?

Before you start wondering about what would happen if you were to default repayments to Bounce Back loan, it is important to understand how it works. Let us discuss what BBLS is. The pandemic has lead to troubling and challenging times, especially for small to medium-sized businesses (SMEs) that depend on their day-to-day operation to […]

As a Director of a Company when Should You start Insolvency Process?

An unexpected downturn in the market can easily have severe implications on business. This is true, even if your company’s financial situation has never been a cause for concern. It’s important to know if a business is in trouble because directors who continue to trade while the business is insolvent risk being made personally responsible for company debts, […]