Fight to save Ltd or not

[oliverson]

So no problems then.

Sell the property in the UK, pay what you owe and enjoy an early Christmas holiday.

Who needs more than 1 property anyways?

I can see why people might take that approach but part of me says why the **** should I sell a property just because the government has ****ed me over. The place abroad is my pension. Suppose the reality is that if it becomes impossible to conduct business here in the UK as a contractor as I always have done, then why continue living here? Depending on Brexit, maybe Europe would be a better option.

[PCTNN]

That won’t happen. I have a couple of properties with equity in each. I could sell the U.K. one and plough the proceeds into my foreign place. Good luck getting at that post Brexit. But as I’ve said, I’m intent on resolving this through the correct channels.

So no problems then.

Sell the property in the UK, pay what you owe and enjoy an early Christmas holiday.

Who needs more than 1 property anyways?

[jayn200]

That won’t happen. I have a couple of properties with equity in each. I could sell the U.K. one and plough the proceeds into my foreign place. Good luck getting at that post Brexit. But as I’ve said, I’m intent on resolving this through the correct channels.

Sell and pay off the directors loan, that will give the company enough to pay its tax obligations, find a contract if you can and just work to improve situation.

You owe that directors loan no matter what.

[oliverson]

Bankruptcy

That won’t happen. I have a couple of properties with equity in each. I could sell the U.K. one and plough the proceeds into my foreign place. Good luck getting at that post Brexit. But as I’ve said, I’m intent on resolving this through the correct channels.

[jayn200]

I cannot see the government letting company directors walk away from a bounce-back loan unpaid. Otherwise it seems wide-open to abuse (or more open to abuse than it already has been!).

However, unless my maths is way off, the level of debt suggests it's resultant from a lot more than just a few months out of contract - bluntly, it suggests you've been living beyond your means (unless I've misunderstood and you have some cash offsetting the debt?).

If you think there's an opportunity to close the company, and to find a cushy permanent role to ride out the storm, I'd grab it with both hands. Good luck, the job market is tough at the moment, and there are a lot of people struggling.

I am very worried for when my contract ends (renewal very unlikely), and with lack of jobs/enforced remote working/looming IR35, it's hard to make the case to continue as a contractor.

The default rates on BBL will be extremely high but yeah of course you can walk away as long as you didn't commit fraud. I almost guarantee they will verify revenue and make sure you didn't lie on BBL application. For example if you were billing 50k a year but put down 200k to qualify for maximum 50k loan that will likely get caught and they will force you to pay back part or all of the loan.

[Old Greg]

I cannot see the government letting company directors walk away from a bounce-back loan unpaid. Otherwise it seems wide-open to abuse (or more open to abuse than it already has been!).

However, unless my maths is way off, the level of debt suggests it's resultant from a lot more than just a few months out of contract - bluntly, it suggests you've been living beyond your means (unless I've misunderstood and you have some cash offsetting the debt?).

If you think there's an opportunity to close the company, and to find a cushy permanent role to ride out the storm, I'd grab it with both hands. Good luck, the job market is tough at the moment, and there are a lot of people struggling.

I am very worried for when my contract ends (renewal very unlikely), and with lack of jobs/enforced remote working/looming IR35, it's hard to make the case to continue as a contractor.

I reckon walking away from the BBL loan will just happen. Walking away when you personally owe the company money, is the problem.

[PCTNN]

What if it doesn’t happen? What do I face?

Bankruptcy

[fiisch]

I cannot see the government letting company directors walk away from a bounce-back loan unpaid. Otherwise it seems wide-open to abuse (or more open to abuse than it already has been!).

However, unless my maths is way off, the level of debt suggests it's resultant from a lot more than just a few months out of contract - bluntly, it suggests you've been living beyond your means (unless I've misunderstood and you have some cash offsetting the debt?).

If you think there's an opportunity to close the company, and to find a cushy permanent role to ride out the storm, I'd grab it with both hands. Good luck, the job market is tough at the moment, and there are a lot of people struggling.

I am very worried for when my contract ends (renewal very unlikely), and with lack of jobs/enforced remote working/looming IR35, it's hard to make the case to continue as a contractor.

[oliverson]

If that's all it takes why did you start the thread? Seems like you've got it all under control then. Good job, mate

For reasons I’ve already outlined. What if it doesn’t happen? What do I face?

[ladymuck]

If that's all it takes why did you start the thread? Seems like you've got it all under control then. Good job, mate

Because sometimes talking it through is the best way to consolidate your thoughts.