I am considering an IVA. I am a Director of a Limited Company and concerned it will impact on tendering for PCT and local authority contracts. EC directive article 45 appears to exclude those in a state of insolvency, in arrangement with creditors, or subject to relevant proceedings. I am worried an IVA and DMP are considered the same as bankruptcy in this definition. I have a business partner and 70 staff who would be affected if the Company were unable to renew existing contracts because i entered an IVA.
DMP shouldn't impact as much as the other two but other than that I've no idea.
One of our other posters,may be able to help but I recommend that you visit www.iva.com for a list of companies and reviews and give one or two a ring for some free advice.
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
Hi Caron - welcome to the forum. An IVA is a formal insolvency as is bankruptcy and a DMP is informal without you needing to go on the insolvency register.
The best thing you can do, to understand your options and look at the implications of each is to have a chat with a couple of ocmpanies and work with an IP who fully understands limited companies and the restricitions therein.
Jan provides a good link for reviews and there are recommended IPs on here.
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Hi I recently assisted in a CVA for a Ltd company that is a dental surgery. They had the local PCT as the main source of income. Extract from proposal
BACKGROUND TO THE PROPOSAL
1.1 The Company was incorporated in August 2007 and the director subsequently developed a successful dental practice business with an income from the NHS of approximately £750,000 per annum.
1.2 The Company receives money from the local NHS Primary Care Trust based on the amount of NHS patients that are treated with payments received monthly from the Primary Care Trust which are net of any payments collected directly from patients.
Paul - nobody can email you directly from the forum. It is not allowed.
There are a lot of firms that do CVAs and IVAs. Visit www.iva.com for a list of companies and reviews as I previously suggested.
The experts that post on here come highly recommended.
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
I'm not sure what the extract proves. The creditors presumably don't care where the income comes from, but did the PCT and public sector clients also see and agree to disregard the EC directive when awarding future contracts? How did you get them to agree to the director's insolvency not impacting business?
I act for a number of people who have been faced with the same difficulties you are describing Caron, and can vouch for the fact that being in an IVA should not affect your ability to competitively tender for public authority contracts.
The IVA is for you personally and not the company, which is its own legal entity and therefore acts in its own rights.
