Good afternoon, i am a company director of a small building firm in the uk.
Work has dropped off and refinancing hasnt been accepted.
Can i persue a personal IVA? and would this affect my company??
If you have personal debts outside the limited company, then an IVA would be an option available to you subject to certain other criteria which an insolvency practitioner would be able to explain to you. You will need to demonstrate a source of income in order to fund the IVA, or assets which could be realised to offer to creditors, so if the company is not viable you would need to consider how you would fund this.
If your articles of association are in Table A format, you will automatically be dismissed as a director of the company upon the approval of the IVA. This is easily remedied however by the shareholders and other directors (if there are any) reappointing you to the board. Just a bit of paper chasing really but something that must be done.
Kind regards, Elizabeth Pywowarczuk, Insolvency Practitioner.
If you would like me to advise you about an IVA and if appropriate propose one for you, please visit my website at www.liberta.uk.com
