Advice for Recovering Director Loans Used to Avoid Paying Creditors
We currently find ourselves in unprecedented times. And sadly, some businesses may use this as a reason to avoid making payments to their creditors. Believe it or not, this also includes payments to the Government for their Bounce Back Loans or Coronavirus Business Interruption Loans.
In some instances, company directors may prefer to pay themselves an excessive dividend or grant themselves a director's loan before going into liquidation. However, there is a clear liability to repay such amounts into liquidation for the benefit of the creditors. It is an area of business in which we are particularly successful at obtaining excellent results for the recovery of these loans, thereby assisting the appointed liquidator.
If you would like some help or advice on how best to move forward, please give us a call on 01883 212121 or email enquiries@tclsllp.com.