Can you still be a director in IVA ?

18 posts Page 1 of 2
Post Reply
 
 

pki

User avatar
Posts: 1
Joined: Mon Oct 27, 2008 3:47 pm
Post by pki » Mon Oct 27, 2008 3:47 pm
Quote
Dear Sirs,
Can you still be a director and shareholder of a company if you undertake a successful IVA?
Best Regards
Top
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:
Post by MelanieGiles » Mon Oct 27, 2008 4:58 pm
Quote
Hi there and welcome to the forum

Not only can you act in this capacity if the IVA is successful, but you can also hold these offices during an IVA as well.
Regards, Melanie Giles, Insolvency Practitioner
Top
 
 

liberta

User avatar
Posts: 233
Joined: Thu Oct 23, 2008 3:35 pm
Location: United Kingdom
Post by liberta » Mon Oct 27, 2008 5:59 pm
Quote
It is worth checking the articles of association for your company. If they are in Table A format, then a person will cease to be a director if they enter into an IVA. This can be easily rectified however by your being reappointed to the board by the company.
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
Top
 
 

Hepdog2

User avatar
Posts: 4
Joined: Fri Mar 20, 2009 9:01 am
Location: United Kingdom
Post by Hepdog2 » Fri Mar 20, 2009 9:30 am
Quote
If your Company adopted the 1948 Companies Act into its' Articles of Association, particularly Clause 88, then you are disqualified from being a Director as you have made an 'arrangement with your Creditors', you have to resign and then be re-appointed as a Director.....you have to throw yourself on the Boards' mercies then of course to be re-appointed......in this situation you will soon find out who your 'friends' are on the Board!!
Top
 
 

TheArrow

User avatar
Posts: 8
Joined: Wed Jul 16, 2008 1:35 pm
Location: United Kingdom
Post by TheArrow » Thu Oct 15, 2009 11:31 am
Quote
So if you're a one man band, i.e. the sole director/the board, it's not going to be an issue then?
Top
 
 

kallis3

User avatar
Forum Expert
Posts: 77167
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom
Post by kallis3 » Thu Oct 15, 2009 11:34 am
Quote
TheArrow - you are not allowed to post links in your signature - please remove.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
Top
 
 

size5

User avatar
Industry Expert
Posts: 3104
Joined: Fri Nov 23, 2007 7:22 pm
Post by size5 » Thu Oct 15, 2009 11:41 am
Quote
If TheArrow wishes to stick around, I am sure he would be a great asset to the forum with his knowledge of his particular field and any questions/issues that may arise that are out of our normal field of expertise.

The more the merrier I say.

Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself

Follow my tweets at http://twitter.com/debtmastersize5
Top
 
 

kallis3

User avatar
Forum Expert
Posts: 77167
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom
Post by kallis3 » Thu Oct 15, 2009 12:40 pm
Quote
I'm sure he would - but until he is made an expert, he is not allowed to post links in his signature.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
Top
 
 

size5

User avatar
Industry Expert
Posts: 3104
Joined: Fri Nov 23, 2007 7:22 pm
Post by size5 » Thu Oct 15, 2009 12:46 pm
Quote
Ahhh, I see now. I consider myself thoroughly told off Jan.....

Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself

Follow my tweets at http://twitter.com/debtmastersize5
Top
 
 

Skippy

User avatar
Posts: 20720
Joined: Sat Oct 21, 2006 6:08 pm
Location: United Kingdom
Post by Skippy » Thu Oct 15, 2009 12:47 pm
Quote
It the ex-police officer side of her coming out Size5!
Top
 
 

kallis3

User avatar
Forum Expert
Posts: 77167
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom
Post by kallis3 » Thu Oct 15, 2009 12:49 pm
Quote
Mike - as if I would do that to you![:D][:D]

I am sure his/her expertise would be useful, but until they are experts, it is not allowed.

Skip - what are you trying to say? I'm not a control freak - honest![:D]
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
Top
 
 

Skippy

User avatar
Posts: 20720
Joined: Sat Oct 21, 2006 6:08 pm
Location: United Kingdom
Post by Skippy » Thu Oct 15, 2009 1:00 pm
Quote
[:D] Jan!
Top
 
 

TheArrow

User avatar
Posts: 8
Joined: Wed Jul 16, 2008 1:35 pm
Location: United Kingdom
Post by TheArrow » Thu Oct 15, 2009 1:02 pm
Quote
Crikey. What a welcome.

I thought it's standard practice for forums to put links and/or details of what you do/where your experience lies. That way people know where you're coming from and if you can help. I guess I'll have to keep my skills a secret until I'm deemed an expert. [:D]

Didn't realise that I was breaching any rules, esp as virtually every other post I've seen appears to have links in it.

You've told me off, but you didn't even bother to answer my question, that I thought was relevant [:(]
Top
 
 

TheArrow

User avatar
Posts: 8
Joined: Wed Jul 16, 2008 1:35 pm
Location: United Kingdom
Post by TheArrow » Thu Oct 15, 2009 1:04 pm
Quote
By the way. How many posts do I need to make before I'm deemed an expert?

I see how many you guys have made so hopefully not 1,000s!!! [:D]
Top
 
 

kallis3

User avatar
Forum Expert
Posts: 77167
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom
Post by kallis3 » Thu Oct 15, 2009 1:21 pm
Quote
You have to apply to be an expert - until then you can't post any links, and then you will only be allowed limited advertising.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
Top
Post Reply
18 posts Page 1 of 2
Return to “self employed and company/business”