dont want to close down my limited company

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n_k

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Post by n_k » Thu Feb 08, 2007 2:19 pm
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i am considering a IVA but dont want to close down my limited compnay that is in my name with a bank account. Although all the debt is personall and the business is not profitable yet? I also am a conusltant and my company pays my wages into the company and I then pay myself?
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MelanieGiles

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Post by MelanieGiles » Thu Feb 08, 2007 2:27 pm
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Hi nk

As you are probably aware, a limited company is a separate legal entity to yourself, and can continue to function whether your are subject to an IVA or not.

You are an employee of the limited company, and presumably receive wage-slips. Your IP will need to see these as proof of your income, if you do decided to proceed with an IVA.

Have you personally guaranteed any of the limited company's debts? If so, these will need to be included as contingent creditors within your IVA proposal.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk
Regards, Melanie Giles, Insolvency Practitioner
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