August 2021 - Mr Bounce Back - Bounce Back Loan News - Updates

Rating and Directors Disqualification Bill – Report Stage: Sitting 9 September 2021 – Plugging the Legal Loophole to Stop Company Directors Evading their Responsibility to Repay Bounce Back Loans

August 31, 2021

It is on the 9th of September that the Rating (Coronavirus) and Directors Disqualification (Dissolved Companies) Bill reaches its Reporting Stage in the House of Commons, and the policy objective is to plug the legal loophole that exists in the […]

Company Director Uses Over £39k of a £50k Bounce Back Loan to Settle a Personal Loan and Upon Liquidation is Hit With a 7 Year Disqualification

August 30, 2021

The Insolvency Service does not like it when someone winds up their business and it comes to light a Bounce Back Loan was taken out in the name of the business but was not used for the economic benefit of that business, and one Company Director has just been hit with a […]

If You Have a Bounce Back Loan Off the Cooperative Bank You Cannot Borrow Money from Anyone Else Unless They Say You Can in Writing, In Fact Any BBL Lender Can Do Anything a Court Would Deem Unfair

August 29, 2021

I have previously told you how committing a crime such as dropping litter could be classed as an Event of Default with Starling Bank, well I am sure many of you are unaware that Cooperative Banks’ BBL terms state only they can lend you money whilst you have a BBL unless they give permission in writing. Anything a court would deem unfair is legally permitted. […]

Over £4000 of a Bounce Back Loan Written Off As An Act Of Forbearance – Is This Offer to a Borrower Who Has Missed a Few Repayments All It Seems?

August 28, 2021

You may have heard the word “Forbearance” being bandied about regarding Bounce Back Loans, and many MPs are using that word when calling for lenders that are part of that scheme to go an extra step to help those struggling to repay their loans. […]

Insolvent Businessman Paid Over £27k to a Relative After Receiving a BBL and is Hit with a 4 Year Disqualification – Another Bagged £17k Via the Scheme and Was Hit With a 6 Year Disqualification

August 27, 2021

As the Bounce Back Loan scheme slowly but surely implodes, today I bring you another couple of recent Insolvency Service judgements/outcomes, this time regarding an insolvent businessman who secured a BBL and transferred […]