i am the director of a small limited company - i have over the past few years mounted up quite a considerable amount of debts and my outgouings are becoming unmanageable. would an iva affect my status as a director? would i be able to carry on as i am if i applied for an iva? thanks.
Hi and welcome
Your status as a director will be unaffected by an IVA,unlike bankruptcy, so yes you can normaly carry on business as usual.
Take advice from several companies before committing.
Regards
IVAs were actually originally created with company directors in mind, so this is definately an option for you. You would need to value your shareholding in the company, as this is effectively a personal asset, and also demostrate to an IP that the company is sufficiently viable to continue paying your salary. Also any director's loan accounts would also need to be taken into account.
