In 2020, the government, in agreement with banks, introduced a new form of aid for ltd companies
and the self-employed. This aid consisted in the possibility of obtaining a bank loan called Bounce
Recently, many of our clients have been asking whether the BBL can be declared in bankruptcy
applications and whether the bankruptcy also includes BBL.
The answer is: YES.
Bounce Back Loan is treated by law as a normal unsecured loan and may be subject to bankruptcy.
If you were the director of the ltd company that took Bounce Bank Loan and you were the guarantor
of the loan, you can declare bankruptcy and free yourself from the obligation to repay the loan.
Exactly the same applies to all those who are self-employed as sole traders.
A bounce back loan is the same debt as any other type of loan or other financial obligation (such as
credit cards, overdrafts, utility bills or council tax bills).
If you need our help, simply contac us.
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