Recent content by rjwbailey

  1. rjwbailey

    Closing Ltd company with outstanding BBL - have I 'misused' it?

    I thought it would give the opportunity to raise the corpse of a business from the dead when COVID was over I suppose. The only other alternative I had was to go straight on to Universal Credit. At least taking a loan, I hoped to repay the taxpayer support in future years, rather than going...
  2. rjwbailey

    Closing Ltd company with outstanding BBL - have I 'misused' it?

    The director's loan was repaid post-COVID from profits made in other businesses I am involved in. That cash could have been spent repaying the BBL early I guess. But I left it ticking along, making the monthly repayments, and used the cash to fund that year's salaries. So the company was making...
  3. rjwbailey

    Closing Ltd company with outstanding BBL - have I 'misused' it?

    It was drawn as salary + director's loan and spent on the 'normal' household expenses over a period of months, after having taken advantage of whatever payment holidays etc were on offer.
  4. rjwbailey

    Closing Ltd company with outstanding BBL - have I 'misused' it?

    I am an accountant by background (believe it or not!) so, yes, I am sure there is no overdrawn DLA. The money was extracted via this route, as well as salary, but the DLA was repaid to the company by July 2022, from earnings I made from other businesses I am involved in. Thanks for your take on...
  5. rjwbailey

    Closing Ltd company with outstanding BBL - have I 'misused' it?

    I know there have been a lot of threads on insolvent companies with outstanding Bounce Back Loans, which have been very helpful to my thought process, so firstly thank you! My own situation is that I have a small ltd co with approx £15k left on a £22k BBL. It has been limping along since COVID...
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