I am looking to register a new company

[seanc]

I am looking to register a new company with companies house and would like to know if being in an iva will affect this. Also will it hinder the fact that i will need to set up a joint business account with my business partner

[MelanieGiles]

Hi there and welcome to the forum

The IVA will not affect your application to incorporate a new company at all. I assume that you will be appointed as a director of the company, so ask the incorporation agent to remove the paragraph in the Articles about not being able to take office if you are insolvent or in an arrangement with your creditors. This is just a formality and nothing to worry about.

[seanc]

Thanks Melanie, will I have difficulties opening a new joint business account

[leepy40]

Hi seanc,
I am no expert her but I do have an IVA and a company, and the way its worked for me is tha I have been able to open two accounts as a trading company(s) however within my own name very hard.
So if the joint account is an company I think you should be ok
just my point of view
all the best
Matt

[seanc]

Thanks very much!!

[MelanieGiles]

It may be difficult, but not impossible. Give your existing bank a try first, and let us know how you get on.

[leepy40]

Hi all,
Just to let you know mine was with my original business bank as a sole trader, and they excepted me as a company, though I except this is not always the case
Kindly
Matt

[David Mond]

I think that if you are setting up any new business whether as a sole trader or in partnership or utilising a limited liability company you need to discuss with your IP how it impacts (if it does) your existing IVA.
Most clauses in an IVA prohibit you taking "new credit" so discuss please with your supervisor first.

[leepy40]

Hi
good point David, I must make it clear I have no credit with my bank at all, thank god!
Matt