Limited Company Debt Specialists

Navigating UK Companies Through Challenging Times

Business debt advice
Bounce Back Loan assistance
VAT debt resolution
Assessing the issues and providing solution focused options
Over 100 years of combined insolvency experience

Worried about Bounce Back Loan repayments?

If you're a Limited Company Director who has taken out a Bounce Back Loan, you may be wondering what happens if you can't repay it. Defaulting on your Bounce Back Loan can have serious consequences for you and your Ltd Company, but there are options available to help you manage your loan repayments and avoid any potential legal action.

What Happens If My Business Can't Pay HMRC?

If your Limited Company is having difficulty paying HMRC, you may be wondering what the consequences might be. Failing to pay your taxes can have serious repercussions, including legal action, penalties, and even the closure of your business. It's important to act quickly to address the issue before it escalates.

The Limited Company Debt Specialists can provide help with HMRC pressure if you're facing debt problems. Our experienced consultants can help you find a solution that works for you and your business. We offer professional business advice and support, as well as guidance on how to negotiate with HMRC.

Can I close my limited company?

Various methods of closing a UK limited company exist. If your company can't meet its financial obligations, isn't making enough money, or you want to close and retire. The most suitable route depends on your situation and reasons. The main factor which determines the most suitable option is whether the company is solvent or insolvent.

Overdrawn Directors Loan Accounts

Overdrawn Director Loan Accounts are when you, the Director, owes the company money. It could have accumulated through taking a loan or from taking too many dividends when there wasn’t enough profit.

In normal instances, it's not uncommon to have an overdrawn directors loan. However, if the company was too close to a formal process such as liquidation, then the overdrawn directors loan becomes an asset of the company and the liquidator will pursue YOU personally.

It's important you check this BEFORE entering into a formal process, otherwise you could be solving one problem but creating another one personally. Speak to us so we can asses any implication for you prior to making a decision.

Get in touch today

Speak to the team today to discuss your business needs.

Worried about Bounce Back Loan repayments?

If you're a Limited Company Director who has taken out a Bounce Back Loan, you may be wondering what happens if you can't repay it. Defaulting on your Bounce Back Loan can have serious consequences for you and your Ltd Company, but there are options available to help you manage your loan repayments and avoid any potential legal action.

What Happens If My Business Can't Pay HMRC?

If your Company is having difficulty paying HMRC, you may be wondering what the consequences might be. Failing to pay its taxes can have serious repercussions, including legal action, penalties, and even the closure of the business. It's important to act quickly to address the issue before it escalates.

Limited Company Debt Specialists can provide help with HMRC pressure if your company is facing debt problems. Our experienced Insolvency Practitioners can help you understand the option available to the business. We offer professional business advice and support, as well as guidance on how to negotiate with HMRC.

Can I close my limited company?

Various methods of closing a UK limited company exist. If your company can't meet its financial obligations, isn't making enough money, or you want to close and retire. The most suitable route depends on your situation and reasons. The main factor which determines the most suitable option is whether the company is solvent or insolvent.

Overdrawn Directors Loan Accounts

When you as a director owe your company money this gives rise to an overdrawn director’s loan account. This can happen when you withdraw more money from the company than you put in and/or when you take dividends when there are insufficient retained profits to cover the distribution.

Directors’ loan accounts are company assets and have to be repaid. Should a liquidator be appointed they will require you to repay any such balance in full.

It is important that you are aware of this prior to entering a formal insolvency process and understand the implications. Our Insolvency Practitioners are available to discuss repayment proposals as part of the liquidation process.

Get in touch today

Speak to the team today to discuss the needs of your company.

FREE NO OBLIGATION CONSULTATIONS

Clear and Expert Advice from Our Dedicated Insolvency Practitioners

Extensive experience in providing advice to distressed businesses.

Tailored solutions including cashflow assistance, debt management, debt recovery, business restructuring and liquidation.

Contact us today for free, no obligation advice.

TAILORED ADVICE YOU CAN RELY UPON

During difficult periods of trading, having expert advice tailored to your company’s circumstances can be invaluable. Our Insolvency Practitioners are there to provide expert advice to businesses facing financial challenges, to help directors make the decisions that are right for their company.

FOCUSED ON THE NEEDS OF THE BUSINESS NOT JUST THE PROCESS

Company directors often face high-pressure decisions. Our team is here to provide tailored solutions to ensure that directors are able to make fully informed decisions, which are right for their businesses.

LICENSED INSOLVENCY PRACTITIONERS

Our team are here to provide directors and their company with expert advice and the options available. This includes both solvent and insolvent solutions tailored to your company’s circumstances.

Hear from Our Clients

Really helpful, talked me through everything and I feel a big weight has been lifted off my shoulders.

I was very worried about my company debts, but they immediately put my mind at rest. They were brilliant from start to finish with the whole process of closing my business.

I had business debts and received great help from the team. They guided me through the best possible ways in closing my business down without having to worry about future consequences. Would highly recommend!

Fantastic service, since Covid my business was really struggling to make a profit. I had a 50k bounce back loan and had fallen behind on corporation tax and vat bills. After speaking to my accountant he tried to strike off the company but this didn't work.