Notice: Information about Vivat Direct Limited, t/a Reader's Digest
Take a look through the latest in-depth industry news as well as a range of features, insights and advice across a variety of different financial topics. Have a browse through our guides and web pages, so you can get an idea about what options might be possible and most helpful in your situation.
Yes, it is possible to liquidate a company with a Bounce Back Loan. An unpaid BBL is an unsecured debt, which can be included in a liquidation procedure.”
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A CVL; Creditors Voluntary Liquidation's cost can vary depending on the company's circumstances, including whether it has any assets.
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To apply for a solvent Members Voluntary Liquidation, 75% of company shareholders must agree to the proposal to formally engage with an insolvency practitioner..
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By applying for a Creditors Voluntary Liquidation (CVL) you can engage with an insolvency practitioner to formally close an insolvent company
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As a company director, you are not personally liable for a Bounce Back Loan (BBL) repayment unless you are found to have misused the loan.
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If you put your company into administration, it can protect from creditor pressure and it gives you the chance to restructure your business.
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