Bounce Back Loan Update - officially cancelled

[d000hg]

How can someone get a BBL of £50k and then have it wiped off and not have to re pay it?? That is just wrong surely....

Read the thread and find out. If a company goes bust, debts don't get repaid.

[northernladuk]

How can someone get a BBL of £50k and then have it wiped off and not have to re pay it?? That is just wrong surely....

You are probably looking at it from a contractor perspective. He isn't a contractor, it's explained in his posts a bit further down.

[Lance]

How can someone get a BBL of £50k and then have it wiped off and not have to re pay it?? That is just wrong surely....

The limited part of a company name specifies that it has limited liability. The shareholders of a limited liability company cannot, except in exceptional circumstances, be liable for the debts of the company.

It's why loans, leases and mortgages cost more for a company than an individual.

[zeus tiktak]

Had numerous more messages so i will reply for everyones benefit:

1. were you an IT contractor?
the only person in the business was myself, however i subcontracted a lot of the work out. not sure if that fits the definition of an IT Contractor.

2. Did you build you app using cash or crypto?
the cost was much more than the 50k bbl. we paid in cash and crypto

3. how long did it take to write off the BBL
nearly 24months from ds01 application.

4. why didnt you pay off thre BBL if you could personally afford it?
we tried to pay santander using personal funds (around 20k offered) but we wanted it in writing that it would be acceptable. They wouldnt provided anything in writing so did not pursue this any further as was business debt.