BBL

[Mcdougal]

Hi all,

One of my own companies has sadly come to the end of its life. With this climate it has killed it off.

However it has only one liability a bounce back loan. I’ve cleared the rest personally.

The bounce back loan is currently on a payment holiday coming live again in November.

I have never had to liquidate a company before.

I believe I have done everything correctly as a Director, however will a liquidator be able to pre qualify and make sure I have?

The bounce back loan was used solely for new stock only. No personal payments from it. The amount is 12k as I didn’t take the full amount.

I want to pre qualify, before starting the pain of liquidation etc

Couple of options.

1. Being so low do I try and trade out of it?

2. What would you do?

 

[MBE2017]

Firstly do you believe the company can recover to profitability?
Secondly, do you feel up to the task?
Thirdly, if not, could you get someone else to turn it around?
Fourth, if you can’t answer yes to the above questions, maybe it is right to close the business down.

There are several Insolvency advisors on the forum who will probably be happy to chat and advise.

 

[Mcdougal]

Firstly do you believe the company can recover to profitability?
Secondly, do you feel up to the task?
Thirdly, if not, could you get someone else to turn it around?
Fourth, if you can’t answer yes to the above questions, maybe it is right to close the business down.

There are several Insolvency advisors on the forum who will probably be happy to chat and advise.

Thank you,

It’s just that pre qualifying of no come backs.

That worries me.

I hear some many horror stories.

 

[Mcdougal]

Firstly do you believe the company can recover to profitability?
Secondly, do you feel up to the task?
Thirdly, if not, could you get someone else to turn it around?
Fourth, if you can’t answer yes to the above questions, maybe it is right to close the business down.

There are several Insolvency advisors on the forum who will probably be happy to chat and advise.

This is the problem. We have some business that is coming through in Japan that looks promising.

But it’s just taking the time.

If this doesn’t go through then ultimately I would close.

 

[Frank Wessely]

Hi Mcdougal

Sorry to read about your predicament and I appreciate your concerns.

I am a licensed insolvency practitioner of over 30 years’ standing. Feel free to call me on the mobile number below for a no charge, no obligation discussion as to your options. Also I’ll be clear as to whether there are any likely ramifications or not, which will provide the pre-qualification you’re looking for.

Thanks.

 

[Mcdougal]

Hi Frank,

Just tried to call you.

 

[Mcdougal]

Can you please call me at 6PM.

I keep trying to reply to your texts but I think connection issue.

 

[Frank Wessely]

Can you please call me at 6PM.

I keep trying to reply to your texts but I think connection issue.

Hi,

I have received your text messages and have replied. I will call at 6.00.

Thanks.

 

[Mcdougal]

Hi,

I have received your text messages and have replied. I will call at 6.00.

Thanks.

Thank you Frank.

Must be my phone.

Shows they not sent