Pre-insolvency advice BBLS & CBILS Issues

At Bell & Company, our team help businesses who are facing financial difficulties across the United Kingdom, Northern Ireland, and the Republic of Ireland. We particularly specialise in helping those who face financial issues occurring from the Coronavirus pandemic.

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BBLS & CBILS Issues

The Bounce Back Loan Scheme (BBLS), and the Coronavirus Business Interruption Loan Scheme (CBILS), are now becoming due and payable.

When they were introduced there was a huge uptake of circa £75billion taken from businesses to cover the then short gap that was envisaged being the period of the first lockdown came.

Covid-19 has now had its third lockdown and this extended period since the start of Covid-19 sees businesses in real difficulty. Whilst these loans were issued in the first instance as a safety net, over time they are now becoming a burdensome debt.

In our opinion, these were a great initiative undertaken by Rishi Sunak but they still need paying back and now is the time.

How Will The Lenders React?

It is unclear how the banks and the various peer-to-peer tech platforms will approach the recovery of these debts if the borrower be it a company or an individual is unable to meet the payments going forward.

The FT recently commented that a 42% failure rate is envisaged with the BBLS loan facility.

Banks have the backing and guarantee (to a degree) from the government in respect of these loans. However, the banks et al need to show that they have made their best efforts to recover before we believe they will then be compensated.

It would appear the banks are looking to deal with the issue of non-payments of BBLS and CBILS loans on an individual basis after at one point they discussed the creation of a debt chasing single entity.

WATCH ON DEMAND – WEBINAR

If you want more information on CBILS and BBLS, check out our most recent webinar where we discussed the details of the schemes, the impacts they will have on business, and what to expect from lenders.

https://youtu.be/k4Q7tEYvHKg

 
 
 
 

Get In Touch Today!

Our team are here to give expert advice and a tailored solution to your BBLS & CBILS Issue, taking into consideration all aspects of the business.  If you face the pressure of being unable to pay your BBLS or CBILS loan it is essential you take action, and secure the best advice in this matter.

Should you have any debt issues and believe you can benefit from our services then please call us today on 0330 159 5820.

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