Office holders are likely to encounter instances where directors have misapplied bounce back loans or government grants obtained during the height of the Covid-19 pandemic. Ashfords LLP offers a cost effective service to office holders to pursue directors for these sums.
The government’s package of financial support for businesses during the COVID-19 pandemic, including Bounce Back Loans, was widely taken up. Many companies facing insolvency will have liabilities in respect of Bounce Back Loans, Coronavirus Business Interruption Loans (CBILS) and Coronavirus Large Business Interruption Loans (CLBILS).
Office holders will periodically have the need to instruct solicitors on discrete aspects of their cases, whether in relation to appointments, validity reviews, fee authorisation, indemnities, property related aspects or otherwise.
Office holders will periodically come across opportunities to refer third parties to solicitors including directors, debtors and creditors either connected with their existing cases and/or those who need independent advice.
Following our pricing proposal in relation to pursuing claims against directors for misuse of bounce back loans (“BBL”), Ashfords have successfully reached settlement with a former director in relation to a misfeasance claim arising from misuse of a bounce back loan.
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