Wilson Field

🟢 The cost of a licensed and regulated insolvency practitioner depends on the type of procedure that needs to be carried out for the company. Read more: tinyurl.com/5dfmfzs8

⭐⭐⭐⭐⭐ Thank you for the positive feedback! For free, impartial, confidential advice with no obligation, speak to our initial advisers via phone or online chat on our website: tinyurl.com/h956vyb4 📞💬

🟢 A company with an outstanding Bounce Back Loan (BBL) can be liquidated. If your company enters liquidation, a BBL, and any other unsecured debts will be written off upon its completion. Read more: tinyurl.com/4nd3sr6s

🔴 If your company is insolvent and has other outstanding debts alongside an unaffordable VAT bill, you can explore a formal insolvency procedure to deal with the company’s situation. Read more: tinyurl.com/33n7shku

🔴 If you can’t afford to pay your business rates, the council can take action to recover the amount owed. Should this happen to your business, there are options available to deal with this type of insolvency. Read more: tinyurl.com/44y749bn

⭐⭐⭐⭐⭐ Thank you for the feedback! For free, impartial, confidential advice with no obligation, speak to our initial advisers via phone or online chat on our website: tinyurl.com/h956vyb4 📞💬

🔴 Within a limited company, any assets bought by the company belong to the company rather than you personally. If you operate as a sole trader, there is no legal separation between you as an individual and your business. Read more: tinyurl.com/ys46w5py

🔴 If your business is a limited company, you have limited liability protection, separating the company’s assets and finances from your own. In most circumstances, you will not lose your home due to the company’s debts. However, there are exceptions. tinyurl.com/8ahecv5b

🔴 As a director, you are not personally liable for the repayment of a company Bounce Back Loan (BBL) unless you've misused it. If your company is struggling with BBL repayments or any other debts, you can consider company insolvency options. tinyurl.com/bdzcsybp

🔴 A director’s loan account allows you to borrow and lend money from and to your company. An overdrawn DLA is considered a company asset, and if your company faces insolvency, you will be expected to repay it. Read more: tinyurl.com/33w4mhyu

⭐⭐⭐⭐⭐ Thank you for the positive feedback! For free, impartial, confidential advice with no obligation, speak to our initial advisers via phone or online chat. 📞💬

🟢 It is an insolvency practitioner’s duty to manage, oversee and carry out formal insolvency procedures. We’ll offer you advice on all aspects of company insolvency, including which turnaround or closure procedures are suitable. Read more: tinyurl.com/3u2kduke

🟢 A Bounce Back Loan in liquidation is classed the same as any other unsecured debt, paid after secured and preferential creditors. As no personal guarantees were signed, directors won’t be held personally liable unless the loan has been misused. tinyurl.com/3wc7p9ca

🔴 In most circumstances, you will not lose your home because of your limited company's debts. Directors benefit from limited liability protection, separating your company’s finances from your own. However, there can be exceptions. Read more: tinyurl.com/8ahecv5b

🟢 When your company is insolvent and enters liquidation, its creditors will be repaid as listed in the repayment hierarchy as per the Insolvency Act 1986. Read more: tinyurl.com/37hmteh9

🟢 If your company is suffering from cash-flow issues and is in debt, it is possible to write off those debts and start again. The actions available depend on the level of debt and whether the business would be viable without those debts. Read more: tinyurl.com/3d7m9e2h

🔴 The risk of signing a personal guarantee is that you, as a director, are taking personal responsibility for the company's loan should it become unable to repay the associated debts. Read more: tinyurl.com/bdeswttx

⭐⭐⭐⭐⭐ Thank you for the positive feedback! Our initial advisers are on hand to provide your company with free, impartial, confidential advice with no obligation via phone and online chat. 📞💬

🟢 You shouldn’t try to dissolve a company with a Bounce Back Loan. A company with an unpaid Bounce Back Loan, as it is an outstanding debt, should undergo a Creditors Voluntary Liquidation (CVL) to close its doors. Read more: tinyurl.com/ersa7bsh

🔴 If you don’t pay or resolve your company’s County Court Judgment (CCJ), it can lead to further enforcement action, with the judgment staying on the company's credit file for up to six years. Read more: tinyurl.com/2eryzrhw