I am currently a director of a limited company

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marcg

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Post by marcg » Tue Dec 09, 2008 6:43 pm
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I am currently a director of a limited company, with approx 90k of debt (including a 50k tax bill due in January)I have been having difficulties due to being diagnosied with bi-polar disorder and recent marriage break up. The business could possibly survive if I didn't have to take out as much money to service the debt. Would an iva be suitable and could the debt to the revenue be included in it?
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Adam Davies

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Post by Adam Davies » Tue Dec 09, 2008 7:03 pm
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Hi
Yes it is possible if you can be sure that the business will produce enough to fund an IVA, although it will be upto the IR to agree or not as they hold the lion share of the debt.
Is the tax bill for personal tax or corporate tax ?
Regards
Andam Davies
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MelanieGiles

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Post by MelanieGiles » Wed Dec 10, 2008 12:19 am
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Is the debt in your personal name or the limited company? If the latter have you personally guaranteed any of it?
Regards, Melanie Giles, Insolvency Practitioner
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