BBL - finally 6 years are up! Spongebob plan has worked

[zeus70]

So finally teh 6 year terms are coming to an end! If you followed the spongebob plan and submitted your ds01 forms, you bank can now claim off the government guarantee. Expect lots of loans to be written off in the coming month.
Once that happends, companies house should allow the dissolution to go through.

Good luck everyone.

 

[JEREMY HAWKE]

So finally teh 6 year terms are coming to an end! If you followed the spongebob plan and submitted your ds01 forms, you bank can now claim off the government guarantee. Expect lots of loans to be written off in the coming month.
Once that happends, companies house should allow the dissolution to go through.

Good luck everyone.

Its not that simple they are investigating alsorts of sculdugerry and its going to take a decade
If you scuppered your company straight after getting the loan then you had better have your ducks in order if you didn't use an IP
The advise for companies with covid funding was clear from this forum when the loans were dished out .
Dissolve the company properly The Sponge Bob plan is not suitable for this

 

[DWS]

As above it’s not that simple, yes the banks can claim the Government guarantee but all this now does is shift the burden to the tax payer.
The tax payer still owes the Government and remains liable for the debt.
Whether this debt is chased or not is another story!

 

[UK Contractor Accountant]

So finally teh 6 year terms are coming to an end! If you followed the spongebob plan and submitted your ds01 forms, you bank can now claim off the government guarantee

Source please for the Government unblocking mechanism for Strike Offs to happen for companies with BBL's outstanding