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, […]

What does an Insolvency Practitioner do?

Behind any firm that can offer personal and company insolvency services, there is a licensed Insolvency Practitioner or IP. When seeking advice on company insolvency or otherwise, you should always check that the firm has an insolvency practitioner working for them. The IP must be regulated by one of the professional bodies, such as the […]

What happens to an Overdrawn Director’s Loan Account in Liquidation?

An overdrawn director’s loan account is simply a director’s loan that has not been repaid. It is quite common for the directors of limited companies to take money out of the business in some form other than a dividend or salary. If they do, any money they take is considered to be a loan from […]