Ltd Company director

[Casper74]

I have a full time PAYE job, but also am the sole director (wife secretary)of my own limited company. I'm looking to enter into an IVA & think that I have to resign & then be reinstated as the Director due to Table A clause 82 b. Has anyone any experience of doing this? does it mean that I have to enroll another Director prior to my resignation (presumably, whilst I am resigned, there must be a director in place)?
In this case would it be possible for my wife not to enter into the IVA & become the director?
The Business account is with the same bank as my private account - HSBC & I also have credit debts with their Credit card. Should I also switch both of these accounts?
I would be most grateful if anyone could offer any advice.

[Shining]

Hi Casper and welcome to the forum, I don't have the answers to your post but want to reassure you that one of the professional posters will be along later on today to give the answers. All the best.

[Casper74]

Thanks Lesley, I appreciate your support.
At the moment I have so many questions & very little appreciation of this minefield - which is very difficult for me as I like to have all the answers at my fingertips.
Probably, like all of you, I don't particularly mind the hardships ahead (although I'd like to mitigate these as much as possible), it's the thought of not being able to give to family & friends that really hurts.
I set up the ltd co three years ago, when things were starting to spiral. This has kept my head above water, but I realized that in that time I'd earned an extra £30k, worked abot 16 hours a day & that had all gone on monthly payments - result about £500 paid off!!!!!!
Had enough now, but even though I want to pay off as much as possible, the machine seems to work against me - boo hoo.
Love El Diablo x

[Shining]

You ask all those questions and I'm sure the answers are out there.

Have a good look around this excellent site too and why not take a look at www.iva.com and there you will find a list of companies and some reviews that may be able to offer you specific free advice relevant to your personal circumstance.

[MelanieGiles]

Surely you can pass a board minute effecting your resignation and reinstatement to be simultaneous?

[Casper74]

Thanks Melanie, if it's that simple, there shouldn't be a problem.