Just a quick note to say a big thank you to all the staff at KSA, our CVA was passed today by creditors voting in an overwhelming number including HMRC to accept the proposal as prepared by KSA.
The road to reach today’s conclusion has been bumpy, but at each stage your team has supported and guided us through the issues and we have reached a very satisfactory outcome to the benefit of customers, staff, all creditors and shareholders.
What Directors Need To Know About Bounce Back Loans

A bounce back loan was a loan offered by the government amid the Coronavirus pandemic, to help small businesses gain access to fast track, ‘emergency’ finance, borrowing between £2,000 and £50,000. Now that we are recovering from the pandemic and the loans are starting to be repaid there are a number of questions that directors are asking.
However, be clear that if you cannot pay these loans back, or they are unaffordable, then you must act.
Serious questions are being asked by the government and the banks as to whether the money has been spent wisely. Pressure will be applied to directors that have taken money out of the company unreasonably given the loans were designed to help the companies "bounce back".
The banks are only going to get the money back from the government if they can demonstrate that they have done everything in their power to recover the loans, such as legal threats. If that fails, then realistically, only a terminal insolvency event, i.e liquidation, can demostrate to the government that they have tried everything due to the powers of the liquidator/administrator to investigate where the money has gone and the conduct of the directors. This is why attempts to dissolve companies will not be successful.
See below our guides
Can’t Pay Back Bounce Back Loan
Bounce back loans are loans that are 100% backed by the government. If you...
Personal Liability For Bounce Back Loans
Bounce Back Loans were aimed at smaller businesses and directors would not be...
Will My Bank Issue A Winding Up Petition For A Bounce Back Loan
This is a legitimate question to ask. The moratorium on winding up petitions...
What if I Can't Pay Back My Coronavirus Business Interruption Loan (CBILS)
Directors may worry that they may not be able to pay back CBILS loans that have...
Investigation of Directors over Covid Loans and Furlough
New legislation has been enacted to make it easier to investigate and prosecute...
What Action Can the Insolvency Service Take Against Directors?
If you have taken a Bounce Back Loan under false pretences, or have taken most...
Will the Bank Close My Account if I Cannot Pay My Bounce Back Loan or CBILS
Will the Bank Close My Account if I Cannot Pay My Bounce Back Loan or CBILS
Lloyds Banking Group Closing Companies’ Bank Accounts For Failing To Pay BBLs
In quite an extraordinary development, companies are now receiving letters from...
Can I Liquidate My Company With A Bounce Back Loan?
The short answer is yes you can liquidate your company with a bounceback loan. ...
Can I Strike Off A Company With A Bounce Back Loan
If you have a bounce back loan which you cannot pay back, you may to tempted to...
The Ultimate Guide For Worried Directors
Worried about poor cashflow? Feel you have got into a bit of a mess? Covid-19?, How to pay wages on pay day? For reassuring advice on a range of issues download our free Ultimate Guide For Worried Directors today. Or just call us on 0800 9700539