can you qualify for a IVA if you have a limited co

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margaret.p

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Post by margaret.p » Thu Jul 31, 2008 10:45 pm
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can you qualify for a IVA if you have a limited company.
Can I apply for a IVA on my own without my husband for my personel debt. We have a joint morgage and he has a limited comoany
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MelanieGiles

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Post by MelanieGiles » Thu Jul 31, 2008 10:50 pm
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Hi Margaret and welcome to the forum

Yest - there is no problem in applying for an IVA if you are a director and shareholder of a limited company. You will need to value the shareholding for the purposes of your statement of affairs, and provide regular accounting information to your IP to demonstrate that there is no building of reserves during the IVA period which could be drawn out and paid to creditors.

You can apply for an IVA on your own - but does your husband have debts that he is able to service on normal contractual terms?
Regards, Melanie Giles, Insolvency Practitioner
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