Need a way to close my company, does not trade but owes Barclays, no funds available.

Annisele

Well, if you do nothing - as in literally nothing, and don't file accounts or provide an annual return - then eventually Companies House will strike the company off the register. That might take a year or two, depending on where you are in your company's financial year. But as tripled said, I don't understand why you can't just apply to have the company struck off - that costs either £8 or £10 depending on how you do it.

(Edit - though I should add that just ignoring the problem is unlikely to be the best option. But sometimes it's reassuring to know that the company will be gone eventually, regardless of what you do.)

Vectis

Out of interest, how much was the loan for? I seem to recall the maximum was £50k, how much did you take?

How were you planning to repay this sum, assuming you hadn't fallen ill, of course? Was it a profitable company before covid? If it wasn't, then a BBL wasn't really going to help. If it was profitable, there would presumably have been cash in the bank prior to lockdown etc?

You say you haven't taken a salary or dividends, and I assume that means since the BBL was drawn down, but what about other people? Did you have employees, partner etc? What happened with them?

At the end of the day, liability falls back on the government as it was backed by them and the bank won't lose out. They just have to show they've chased it up adequately to show the government.

My own personal view is that it was easy money at the time - too easy probably, especially with hindsight, and many people didn't do due diligence as to how they were intending to repay the loan. I'm NOT pointing the finger at you, you obviously had no idea you were going to be debilitated by kidney problems. But there was a lot of easy money being thrown around during that period, and not just with BBLs either.

I hope it works out for you, it should do if you actually sit tight and do nothing. It'll fall back on the government.

Khaderbhai

Annisele said:

Well, if you do nothing - as in literally nothing, and don't file accounts or provide an annual return - then eventually Companies House will strike the company off the register. That might take a year or two, depending on where you are in your company's financial year. But as tripled said, I don't understand why you can't just apply to have the company struck off - that costs either £8 or £10 depending on how you do it.

(Edit - though I should add that just ignoring the problem is unlikely to be the best option. But sometimes it's reassuring to know that the company will be gone eventually, regardless of what you do.)

Won’t Barclays just keep filing an objection to the strike off though if they are owed funds?

tripled

Khaderbhai said:

Annisele said:

Well, if you do nothing - as in literally nothing, and don't file accounts or provide an annual return - then eventually Companies House will strike the company off the register. That might take a year or two, depending on where you are in your company's financial year. But as tripled said, I don't understand why you can't just apply to have the company struck off - that costs either £8 or £10 depending on how you do it.

(Edit - though I should add that just ignoring the problem is unlikely to be the best option. But sometimes it's reassuring to know that the company will be gone eventually, regardless of what you do.)

Won’t Barclays just keep filing an objection to the strike off though if they are owed funds?

They could object to a strike-off, but the objection will be given an expiry, so Barclays would need to start legal action before the objection timed-out (or convince companies house to give them more time).

tightauldgit

Annisele said:

Well, if you do nothing - as in literally nothing, and don't file accounts or provide an annual return - then eventually Companies House will strike the company off the register. That might take a year or two, depending on where you are in your company's financial year. But as tripled said, I don't understand why you can't just apply to have the company struck off - that costs either £8 or £10 depending on how you do it.

(Edit - though I should add that just ignoring the problem is unlikely to be the best option. But sometimes it's reassuring to know that the company will be gone eventually, regardless of what you do.)

Probably worth a try to get the company struck off but you would have to send a copy of the paperwork to Barclays and they would have the right to object to it. It seems Barclays dont really have any hope of getting paid from you so it probably only depends on what they need to do to comply with their obligations on the loan to HMG.