My Business went into Liquidation

I received a grant from the LEO and was trading successfully for a number of years.Unfortunately my business has gone into liquidation. What do I owe the LEO?

You owe the LEO the refundable aid portion of your grant award. If the business is liquidated and there are not enough funds to cover what is owed to the LEO you are personally responsible as you have signed a personal guarantee. It is a decision of the LEO to pursue a promoter legally for any funds owing to the LEO.

 

I received a grant from the LEO previously; however, my business did not work out. Can I return to the LEO for funding in relation to a different project?

As long as there are no monies outstanding in relation to the previous project, then there is no reason why the LEO would not consider another application from you.

 

I am having difficulties in my cash-flow and in meeting the refundable aid repayments to the LEO. What can I do?

You must talk/write to the project officer informing them of your material changes or difficulties and request that a new schedule of repayments could be considered to alleviate your situation until better trading conditions happen. In addition, the LEO could also appoint a mentor to assist you to examine your financial situation and find solutions.

 

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