If you’re a Limited Company Director facing challenges repaying a Bounce Back Loan, Phoenix Company Consultants can assist you. Defaulting on the loan may have serious consequences, but we provide tailored debt advice to help manage repayments and explore options to avoid legal action.

Are you unable to pay your Bounce Back Loan?

If you, as a Director of a Limited Company, are unable to pay your Bounce Back Loan, seek advice promptly. Ignoring the issue can worsen the situation, so don’t delay until it’s too late.

Defaulting on the loan can lead to severe consequences for both you and your business. The lender may initiate steps to recover the debt, including payment demands, interest charges, late fees, and potentially petitioning to wind up the company, forcing it into Compulsory Liquidation – an undesirable outcome.

Feel free to reach out for more detailed information or personalised assistance and explore our video resources for valuable insights.

Dissolving a company with an outstanding Bounce Back Loan.

This is unlikely to be accepted by the bank. Formal Liquidation is the appropriate process, and understanding its intricacies and personal implications is crucial.

Contact Phoenix Company Consultants to assess your situation and determine the right course of action.

We can assist you in navigating these challenging times and guide your business towards recovery.