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Lloyds Banking Group Closing Companies’ Bank Accounts For Failing To Pay BBLs

Written by Keith Steven Managing Director 22 September 2021

Lloyds Banking Group Closing Companies’ Bank Accounts For Failing To Pay BBLs

In quite an extraordinary development, companies are now receiving letters from their banks demanding payment of the Bounce Back Loan within 14 days.  Click on the image to show the letter.

In this letter they claim that directors breached the terms of the BBL loans application by making misrepresentations. This, Lloyds and Bank of Scotland claim is grounds to issue a full repayment demand as attached. What will you do if your bank sends this letter to your company? If you cannot repay it the bank may have to issue a winding up petition after giving you 21 days notice.  We do not know the specific mis representations that were made but we are talking to people that made some pretty over optimistic projections, so that might be reason.  Especially given that the bank has time to see the current and past turnover now.

More importantly within 14 days the banks have said they can simply close your company or business bank account!!

So, if you KNOW that you cannot service the bounce back loan(or CBILS) you should take professional advice today from experts like us. We’ve been helping companies online for twenty years. We are company debt counsellors, turnaround experts and insolvency practitioners.

: Bounce Back Loans FAQ

"KSA Group which owns this site, will help you fix problems in your business. We won't charge for any initial advice or face to face meetings. We speak in English. We will save you money and your precious time.  You can come to any of our offices

"We also follow up any meeting with a full "solutions report" which runs on average to 30 pages valuable free advice!!  No other practitioner offers this service.  In this report we advise on ALL the options and explain them clearly.  We advise on a course of action given the information you have given us ( the more information we have the better we can advise!)"

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