Bounce Back Loans - a potential for personal liability?
Published: 03/06/2020Bounce back loans were Introduced by the Government on 4th May 2020 to help small businesses survive Covid. To date over 745,000 business have obtained these loans totalling over £21 billion pounds with UK banks believing that 50% of businesses will have difficulties paying it back.
Directors who have used the loans to pay themselves, associates or liabilities, which are subject to a personal guarantee, should be aware and understand that If the company were to enter an insolvency process the liability would not necessarily fall away and that they could still be personally liable.
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