director of an under performing Ltd company

[j.j]

how would an iva affect me or my company if i were a director of an under performing Ltd company

[Kazzy E]

Hi there j.j and welcome to the forum. I am not sure of the answer to your question but I will bump it back to the top in the hope that one of the experts sees it. Rgrds Kazzy x

[MelanieGiles]

If you are a director of an underperforming company, and your earnings from that company were crucial to the payment of your IVA contributions, then the IVA could be affected - but you can certainly carry on as a director of a limited company whilst in an IVA - so long as the company is making profits or breaking even.

[ianmillington]

I'm assuming neither you nor the company are in any formal insolvency procedure?

If you are talking in legal terms then an IVA can result in your removal as a director but that's dead easy to fix - you simply get the company shareholders to pass a resolution that says it won't happen.

If both you and the company are struggling, then you need to take advice from am IP in conjunction with your accountants because as Mel says if you are in or go into an IVA the ability of the company to pay your wages will be crucial.

Make sure you talk to an IP who tells it like it is and not someone who goes out of their way to sell you a CVA for the company and an IVA for you, otherwise a train crash might ensue.

Ian