Hi, Welcome to the forum. Yes I beleive you may be eligible for an IVA but I am not completely sure how it will effect being a director. Hopefully one of the professionals will be able to advise further. You can try www.iva.com to look at reviews of companies that can propose an IVA for you. Its worth trying 2 or 3 to see who you feel happiest with.
IVA.co.uk The best place for debt advice. Thanks to Melanie Giles, David Mond, David and J (Elv5) Kallis, Dand, Skippy, Andy Davie
Hiya Mattdp. I am also a director of a limitied company and my IP said that I can 'do' a personal IVA. The only thing is yesterday they asked for the value of the company shares to produce to my creditors, which is a pain as I do not want my business partners knowing my private affairs. When I posted this problem on here, I was given a couple of suggestions. GREAT because without their help I would of been completely lost!! and wouldent of known what to do! this site is invaluble.
Most definately - subject to fitting criteria of course. IVAs were specifically designed with the self-employed and company directors in mind.
You will need to check whether the Articles of Association of your company require you to resign in the event that you propose an IVA. If so, a simple board resolution to waive this requirement will suffice.
I recently had to step down from a number of positions due to this rule, I am still on a Trust Schhol board. The mem and atts say the rule about forming a composition with your creditors etc. Can we still have a waiver at the board to allow me to continue or will I have to step down, the trust is a registered charity and this may affect the rule. The charity commision say you cannot be a trustee if you have an IVA. I am just checking to see what your collective thoughts are.
Thanks for the reply, I am not bankrupt I am in an IVA. I had the same reply from the charity commision, they do not seem to differentiate between BR and IVAs. It does seem the info to clients of either IVAs or BRs is confusing and leads to some bad choices been made for the client in the end.
Sorry John - I misread your post. If there is no specific bar against being in an IVA, then I would say it is fine for you to act as a Trustee if you can get the constitution of your school charity to agree. Do the other Trustee's know about your financial difficulties? And would you want them to be known?
Again, thanks for replying. The bar as such is the reference in the mem and ats about "forming a composition with your creditors". This is what blocks you from acting as a trustee. If as you say the trustees can overturn this then great. However I take on board the issues re the who knows about our situation. My OH is not in favour of widely telegraphing our personal situation as it could be poison where we live.
