Write Off Your Bounce Back Loan
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Clear Your Business Bounce Back Loan From £1,499
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Legally Compliant Loan Dissolution
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Total Debt Relief for Directors
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Professional Debt Resolution
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Lowest Cost Liquidation Service
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Stop Creditor Pressure Immediately
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UK's Leading Insolvency Practitioners
Get free confidential advice
Why LCL
Specialists
We focus on liquidating UK firms with Bounce Back Loan defaults.
Expert Protection
Safeguarding directors through the formal insolvency process.
Quick & Low Cost
LCL offer one of the lowest cost liquidation services in the industry.
Benefits of Defaulting on
a Bounce Back Loan
Deal with BBL
debt
Address outstanding Bounce Back Loans professionally through a formal insolvency procedure.
Director safeguarding
We manage the liquidator's investigation to ensure your actions are justified and legal.
Total debt
relief
Write off unsecured business debts that the company cannot afford to repay to creditors.
Compliant dissolution
Legally close your insolvent company while fulfilling all statutory duties.
Stop creditor pressure
Once appointed, we deal with the banks and creditors so you no longer have to face them.
Reliable
experts
Regulated practitioners providing the legal framework to end your business liabilities safely.
Liquidation in 3 steps
01.
Free confidential consultation
Speak with an expert to review your BBL situation and company insolvency. We offer free, honest initial advice.
02.
Formal
appointment
We take over the company's affairs, dealing with all paperwork and notifying the bank of the liquidation.
03.
Finalised
closure
The company is liquidated, debts are handled within the legal framework, and the entity is removed from the register.
Is defaulting right for me?
Closing an insolvent company with a BBL is necessary if:
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The business cannot repay the original loan terms
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You have ceased trading or are unable to continue
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Creditors are threatening legal action or recovery
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You want to avoid personal liability for business debt
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You need a professional to handle the closure
Our expertise
We are dedicated UK insolvency experts specialising in the Creditors Voluntary Liquidation (CVL) process. Our practitioners act as a buffer between you and the Bank/Government / HMRC to ensure all rules are followed. Fixed fee options available to ensure a transparent and stress-free path to closing your company. We have supported hundreds of directors in moving on from debt through compliant and fast liquidation.
Bounce Back Loan Default FAQs
Can I liquidate with a BBL default?
Yes, a Creditors Voluntary Liquidation (CVL) is the correct legal path to close a limited company that cannot repay its Bounce Back Loan. As licensed insolvency practitioners, we oversee the process to ensure the loan is handled according to government guidelines and statutory requirements.
Will I be personally liable for the loan?
Bounce Back Loans do not have personal guarantees. However, directors have a duty to act in the best interest of creditors once insolvent. By using a formal liquidation process, you demonstrate that you are acting correctly, which helps protect you from potential claims of wrongful trading or director misconduct later.
What happens to the debt in liquidation?
In a CVL, the BBL is treated as an unsecured debt. If the company has no assets to repay it, the debt is written off upon dissolution. The government guarantee covers the bank's loss, provided the loan was used for the economic benefit of the business as required.
How fast can the company be closed down?
The initial appointment of a liquidator can often be completed within days. Once we are appointed, your legal duties to manage the debt end, and we take over all communications with creditors. The formal dissolution of the company then follows the standard statutory timeline.
What if I used the BBL for personal use?
It is vital to be transparent. If funds were misused, we provide professional guidance on how to rectify the situation during the liquidation process to minimise your personal risk and ensure you remain compliant the Insolvency laws.
How much does it cost?
On average it costs £2,000 - £5,000 in the UK to liquidate a limited company and write of its debts, depending on the insolvency practitioner you appoint. LCL offer one of the lowest cost services in the industry and the liquidation fee is typically covered by company assets.
Our Values
About LCL
At LCL, we provide a vital lifeline for directors facing the pressure of a defaulted Bounce Back Loan. We specialise in Creditors Voluntary Liquidations, offering a compliant exit strategy when a business is no longer viable. Our team understands the stress of business debt and provides the professional buffer you need to navigate insolvency with your reputation and future intact. We focus on speed, legal precision, and director protection.
Every case is led by our licensed insolvency practitioners who bring years of regulatory experience to your side. We manage the entire winding-up process, from the first filing to the final dissolution. Closing an insolvent business is a sensitive time. Our mission is to handle the legal complexities so you can achieve a fresh start, knowing all your statutory obligations have been met by the book.