Do I Really Have to Pay Bank My Bounce Back Loans?
If your business was affected by Covid and you can't afford to repay your Covid Bounce Back Loans, you may be trading whilst insolvent.
But there is an alternative. You can SELL your company to a new buyer who will be responsible for ALL* the company's liabilities.
If you have personal guarantees you may also be able to walk away from those.
Oh, and if we can't sell your business for you, there's nothing to pay. Ever.
Who On Earth Buys Failing Companies?
There are many reasons why a buyer will buy your business, even if it's facing bankruptcy.
- The business has a trading history. This is important to buyers
- Even losses can be valuable to a new owner for tax purposes
- Many buyers like to aggregate your clients with theirs
- Some buyers are turnaround specialists who may see value where you no longer do
Simple Alternative to Insolvency
Can’t repay your Bounce Back Loans or CBILs?
Worried that you will be personally liable?
Is Your Company Struggling to Survive?
Don't even consider insolvency until you've read our free guide
There is a simple low cost alternative to insolvency
We can't solve your problem? Then there's NO FEE!
It's Not Just BBLs & CBILs!
You can sell your company with any kind of debts and walk away from personal liability.
Frequently Asked Questions
Does Cash Business Buyers actually buy companies?
No, we are simply an intermediary platform match making sellers of businesses with buyers.
Who sets the price for my sale?
You can set the price for your sale. However, with businesses that carry debts most companies will need to be sold for a nominal value to a buyer who may risk liability from their new ownership.
How much does it really cost to sell my business?
You can choose one of our three packages.
All our fees are flat and include all costs. There are no hidden fees. You will only be asked to pay for your chosen package once we have found you a buyer and you have agreed to the sale.
Is selling my company better than declaring insolvency?
If you are actually trading whilst insolvent then you must under the duties as a Director call in an insolvency practitioner.
However, if you are simply struggling with your business but feel that a new owner may reasonably inject new life, energy and money into your business then it's perfectly acceptable to sell the company and transfer any future liability to the new owner.
Do you help with insolvency?
No, we are a platform for sellers looking to sell their companies. If you need to seek insolvency advice you should seek it from a licensed insolvency practitioner.
Why do I need to pay for your service?
We are constantly marketing for business buyers. Our mailing list currently has over 8,000 potential buyers, all of whom are looking for 'diamonds in the rough'.
Our fees are the lowest in the industry because we use AI and automation to match you with a willing buyer.
Our fees cover our marketing and online platform and are a mere fraction of the cost of placing your company into administration.
Can't I just wind up and dissolve my company?
No, we are simply an intermediary platform match making sellers of businesses with buyers.
Who sets the price for my sale?
You can set the price for your sale. However, with businesses that carry debts most companies will need to be sold for a nominal value to a buyer who may risk liability from their new ownership.
How much does it really cost to sell my business?
You can choose one of our three packages.
All our fees are flat and include all costs. There are no hidden fees. You will only be asked to pay for your chosen package once we have found you a buyer and you have agreed to the sale.
Is selling my company better than declaring insolvency?
If you are actually trading whilst insolvent then you must under the duties as a Director call in an insolvency practitioner.
However, if you are simply struggling with your business but feel that a new owner may reasonably inject new life, energy and money into your business then it's perfectly acceptable to sell the company and transfer any future liability to the new owner.
Do you help with insolvency?
No, we are a platform for sellers looking to sell their companies. If you need to seek insolvency advice you should seek it from a licensed insolvency practitioner.
Why do I need to pay for your service?
We are constantly marketing for business buyers. Our mailing list currently has over 8,000 potential buyers, all of whom are looking for 'diamonds in the rough'.
Our fees are the lowest in the industry because we use AI and automation to match you with a willing buyer.
Our fees cover our marketing and online platform and are a mere fraction of the cost of placing your company into administration.
Can't I just wind up and dissolve my company?
You can only wind up a company that does not have debts.
If your company has no debts and no creditors you can apply for a dissolution via Companies House at little or no cost.
However, a company with debts can only be sold, or placed into administration with a licensed insolvency practitioner.
If I'm already insolvent, is it too late to sell my business?
Yes, if you are technically insolvent, or if a licensed insolvency practitioner has produced a report on your business stating that you are trading whilst insolvent then only a licensed insolvency practitioner may deal with the sale of the company and/or its assets
But as long as you act promptly and in the best interests of the company then you can sell your shares in the business and transfer ownership as a legitimate alternative to administration.
What if the new owner puts the company into administration?
As long as you are no longer the owner, no longer work for the company and no longer a director then the responsibility no longer rests with you.
However, any licensed insolvency practitioner may look at your actions as the previous owner of the business to make sure you did not take actions which prejudiced the company.
It's worth remembering that being bad at business is a legitimate defence when a company fails.
Want to know more about how to sell your company as an alternative to bankruptcy? Get our FREE White Paper:
'The Simple & LOW COST Alternative To Insolvency (That Insolvency Practitioners Will Never Tell You)'
