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Bounce Loan-Strike That

It is technically possible to dissolve or strike off a Limited Company with a Bounce Back Loan that is outstanding. <br>However, it is generally not recommended because it is likely that it would beu00a0objectedu00a0to, even if you do satisfy the relevant criteria.<br>

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Bounce Loan-Strike That

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  1. Can I Strike Off A Company With A Bounce Back Loan • It is technically possible to dissolve or strike off a Limited Company with a Bounce Back Loan that is outstanding. • However, it is generally not recommended because it is likely that it would be objected to, even if you do satisfy the relevant criteria.

  2. What Is The Criteria To Strike Off A Limited Company? • The criteria to strike off or dissolve a Limited Company is: • No change of name in the last three months. • No trading has taken place in the last three months. • No disposal of assets for value prior to cessation of trading in the last three months prior to the application being made to dissolve the company. • The company must not be in Administration or no processes of placing the company into Administration presently arising. • The company must not be being wound up and placed into Liquidation. • The company must not have an existing proposal for a Company Voluntary Arrangement outstanding or in process.

  3. What Is Trading For The Purposes Of A Dissolution Application? Trading is not the payment of a liability.

  4. Why Might An Objection Be Lodged To Dissolving A Company With A Bounce Back Loan? • The reason that an objection might be lodged if you were to attempt to dissolve or strike off a Limited Company with a Bounce Back Loan is because if a company has debts that it cannot pay it is insolvent. • If a Limited Company is insolvent and unable to pay its debts when they fall due there are procedures set out in the Insolvency Act 1986 that a company should go through.

  5. A Liquidation is an orderly winding up and finalisation of a Limited Company’s affairs after it has ceased trading. It is a process that is overseen by a Liquidator. • If you attempt to bypass a Liquidation procedure by seeking to strike off your Limited Company then creditors owed money such as the Bounce Back Loan creditor that has not been repaid may consider that the correct process has not been undertaken to wind down your company.

  6. What Happens If A Creditor Objected To My Company Being Struck Off? • If a creditor objected to the striking off of your company or its dissolution then you should typically receive from Companies House a notice informing you of this position. You would then have a number of options: • Do nothing. • Apply to go into Creditors Voluntary Liquidation. • Apply to go into Compulsory Liquidation. • Negotiate with the objecting creditor to see if further action can be avoided. • Take professional advice.

  7. Strike That is A Service That Helps You Get The Details Of “STRUCK OFF” Companies”, for Hassle-free Compliance With The New MandatoryDisclosure Requirement Of Schedule III. • ConTeTra provides solution for below Two Steps only- Step 1- Step 2- Receive the output in recordtime (powered by our AI-enabled tool that scrapes throughMCA website for you – leaving noroom for manual errors) Upload your list of vendors/supplierswith their GST numbers (whichis easily available with everyfinance team). For those vendorswhere GST number is not available,our tool can also do a PAN or CINbased search.

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