I am entering into a partnership next month

[jennyd]

I am entering into a partnership next month, my partner is putting all the funds up for the equipment needed to fund the business. I am worried where I will stand with regards to my IVA – will they be able to take assets from my partner in the business and also we wont be making a profit in the 1st few years so how will this effect it.

[Adam Davies]

Hi
Are you already in an IVA ? If so,you say that you are unlikely to make a profit,how are you going to pay your IVA ?
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[jennyd]

Hi Andy,
My partner (who is also a pertner in the business) is still working and will pay my IVA for me until the business is up and running. Hopefully I am wrong and we do make some form of profit but I would rather be safe than sorry!
Thanks
Jenny

[jennyd]

Sorry - also yes I am already in an IVA

[MelanieGiles]

Your partnership is unlikely to affect your IVA, but make sure that your IP is aware of this change in circumstances, as they will now need to review the partnership accounts at the end of each year.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[jennyd]

Ok thats great, many thanks