Why the client needed our help
Our clients had received correspondence from the Insolvency Service enquiring into Bounce Back loans taken by both companies and the turnover eligibility of the companies for those Bounce Back loans. In support of the claim, the Insolvency Service pointed to the turnover of the companies in the period up to the end of 2019 and also alleged that the loaned monies were not used for the economic benefit of the Company. Further, the Insolvency Service were seeking compensation orders against the two directors for recovery of the loaned money.
How we helped
We were able to demonstrate, evidence and clarify the inaccuracies in the data provided by the Insolvency Service and reduce the liability for the son director from £45,000.00 to £24,750.00, and for the father director from £45,000.00 to £14,000.00.
The detailed representations that we made to the Insolvency Service over a period of several months were able to significantly discount the monetary consequences of any bounce back loan disqualification order. This was a favourable position for our clients who were able to pay off the monies owed and continue working on a sole trader basis moving forward.
If there was ever a star rating for law firms, Francis Wilks & Jones would score five stars plus. Professional and pro-active, they were able to understand my problem quickly, provide expert advice, outline a solution and put it into place with a successful outcome. I should have gone to them sooner.A client we successfully defended in director disqualification and insolvency related proceedings