A new rule has been announced by the Government that affects company directors.
If you are thinking about trying to strike your company off with a bounce back loan STOP NOW!!
The Government is to close the loophole that allows company directors to strike off their company when they have debts and the new powers will also stop directors of dissolved companies from starting a similar business after the dissolution.
Striking off or dissolving a company has been used by many directors over the years when they have built up debts and the company had no cash or assets left. Recently it was announced that the insolvency service will be given new powers to pursue directors who have dissolved their company from the register while still owing debts.
The changes have been bought in to make sure that companies with Bounce Back Loans can't quietly try to dissolve their company to avoid paying the BBL back.
The government is shining a spotlight on companies with bounce-back loans and is determined to stop any more fraud in trying to get out of repaying on the bounce-back loan. If you are found guilty of doing this the penalties could include being banned as a director for 15 years and being made personally liable for some or all of the companies debts
Don't bury your head in the sand, get advice today and book your free call here https://meetings.hubspot.com/chris-worden/new-enquiry-meeting
All the best,
Chris