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Bouncing Back from Bounce Back Loan Troubles
The Bounce Back Loan Scheme (BBLS) was designed to support businesses during the pandemic. With £47 billion handed out to businesses, the scheme was designed to provide a financial cushion during tough times. However, shocking figures below show that many businesses are finding it difficult to make repayments and are in need of professional help.…
Read MoreSetting Up a Time to Pay Arrangement with HMRC
Are you grappling with unpaid taxes owed to HMRC? If so, a Time to Pay payment plan could offer you the relief you need. This arrangement not only provides an extended period for settling your tax liabilities but also helps prevent further penalties from accumulating on your account balance. For many businesses facing cash flow…
Read MoreOfficial Receiver- Understanding Their Role
In times of financial distress, individuals and businesses may find themselves facing insolvency. This is a situation that involves the intervention of an official receiver. But who exactly is the official receiver, and what role do they play in the insolvency process? In this blog, we’ll delve into the responsibilities of the official receiver, the…
Read More(ODLA) Overdrawn Director’s Loan Accounts
Moving through the financial landscape as a director demands a delicate balance, irrespective of company ownership. A comprehensive understanding of Overdrawn Directors Loan Accounts (ODLA) is imperative. This blog aims to explore the nuances of ODLAs, shedding light on their implications for directors and the potential legal ramifications. For directors, the avenues to extract funds…
Read MoreThe Statutory Demand: A Guide for Companies
For any business, receiving a statutory demand can be a pivotal moment that requires immediate and well-informed action. At I&L Advisory, we understand the severity of this situation and the consequences for companies that fail to respond correctly. This guide aims to shed light on what a statutory demand is, its implications for your business,…
Read MoreDirectors: What Are The Grounds For Disqualification?
When a company director’s conduct is deemed unfit, the consequences can be severe. Disqualifying a director is a legal measure that prohibits directors from engaging in certain activities, and the grounds for disqualification are diverse. Grounds for Disqualification: Under the Company Directors Disqualification Act 1986, directors can face disqualification if they are found guilty of…
Read MoreUnfinished Business with A Bounce Back Loan?
The £50,000 Lesson: A Tale of Misuse In the heart of North London, Salih Ozhot’s misuse of a £50,000 Bounce Back Loan serves as a warning for directors and business owners nationwide. Tasked with supporting his business through the COVID-19 pandemic, Ozhot instead diverted these funds for personal use, a decision that led to significant…
Read MoreDirector Disqualification: The Consequences and Implications
In the world of business, directors play a crucial role in steering companies towards success. However, when directors fail to meet their legal obligations, the consequences can be severe. Ranging from disqualification to lasting damage to one’s professional reputation. In this article, we delve into the intricacies of director disqualification, exploring what it entails, the…
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