FREE IMPARTIAL ADVICE
Firstly, please don't worry. Let’s figure this out and put a strategy in place for you.
It's highly unlikely that a personal guarantee was given by you, so there should be no risk to you personally. However, it may be subject to certain conditions related to how the Bounce Back Loan was obtained and how it was utilised.
Are you concerned that you might be personally liable for the Bounce Back Loan? If you complete the confidential quiz below, a licensed insolvency practitioner will send you the results and advice on what you can do.
It is important to discuss with your lender all the options that they are willing to provide, such as a repayment holiday or lengthening the terms of the loan.
If the lender is unwilling to do this or the options are not suitable for you then you may want to consider a formal insolvency procedure such as Liquidating the company if it is insolvent.
It is highly unlikely that you will be able to strike the Company off if there is an outstanding Bounce Back Loan.
Simply, put: no. The company cannot write off its Bounce Back Loan. The only way to do this would be for the company to go into an insolvency procedure such as liquidation. Only then will the lender or the government consider it uncollectable.
