New legislation has been enacted to make it easier to investigate and prosecute directors.
The Rating (Coronavirus) and Directors Disqualification (Dissolved Companies) Act has just been passed into law which is principally designed to stop directors dissolving companies to avoid investigation into their conduct.
There was a 205% increase in the number of directors being prosecuted for fraud as a result of investigations by the Insolvency Service in 2021.
They are especially looking at companies that have taken out Bounce Back Loans (BBL) and Coronavirus Business Interruption Loans (CBILS)
If you are struggling to pay the loans and the business isn’t viable then you must liquidate the company. Click on this this link to download our 2022 experts guide to liquidating a company.
If you are dissolving your company, ensure there are minimal debts (ie less than £2000) and if you want all the templates and letters then you can get them from our site www.dissolvemycompany.co.uk
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Category: Bounce Back Loans FAQ