Many companies who took advantage of the Furlough Scheme and the Bounce Back Loan will not
survive when the pandemic ends. Once in liquidation the actions of the directors will then fall very
much under the microscope. Of particular concern will be how directors acted under the Furlough
Scheme and how they spent the Bounce Back Loan.
There is a lot of noise right now about the penalties directors will incur for the way in which they have
spent the COVID support money. Not all of this noise is accurate.
There are implications for directors who took Bounce Back Loans for companies that later failed.
However not all these implications are punitive. So much depends on the circumstances surrounding
each company – because one size does not fit all.If you took a Bounce Back and are worried about the implications. Call us and we will explain the law.