My business partner is getting an IVA. Will this affect application for a business grant ?

Get expert opinion. This is the place for new questions to be posted.
4 posts Page 1 of 1
Post Reply
 
 

Jane.dj

User avatar
Posts: 1
Joined: Sun Apr 26, 2015 9:39 pm
Post by Jane.dj » Sun Apr 26, 2015 9:39 pm
Quote
My business partner is in the process of going through a personal Iva. I would like to know if this would affect us as a limited company applying for a business grant in the future.
Top
 
 

MrsR

User avatar
Posts: 1201
Joined: Mon Oct 31, 2011 9:30 pm
Location: United Kingdom
Post by MrsR » Mon Apr 27, 2015 12:49 am
Quote
Hi Jane,

As its a limited company, then the business finances will be reviewed and personal finances are not - usually !

I would have a look at the business grant criteria and see whether individuals with an IVA is stated on there, as many do not ask.

If in doubt, you could always call them and ask directly.
Started IVA 27th Feb 2012 - Due to complete 27th Jan 2018 !!

Full & Final submitted and accepted 30th March 2015, paid 10th April 2015 - 3 yrs 1 month into IVA :)

Completion Certificate received- 30th April 2015!!
Top
 
 

lifenoteasy

User avatar
Posts: 3248
Joined: Thu Feb 05, 2015 2:26 pm
Location: United Kingdom
Post by lifenoteasy » Mon Apr 27, 2015 7:42 am
Quote
Hi

You need to work out what is needed to ensure that if your business partner is not able to complete the IVA what happens next.

Applying for a business grant is the least of your worries at this stage.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Top
 
 

Michael Peoples

User avatar
Industry Expert
Posts: 15189
Joined: Mon Nov 03, 2008 12:36 pm
Location:
Post by Michael Peoples » Mon Apr 27, 2015 9:27 am
Quote
I assume your business partner is co director and 50% shareholder. You need to check the articles of association to see how the IVA affects the company and any debts of the company personally guaranteed by the directors will now be your sole risk.

You should consider legal advice to protect your own position but your partner did right by letting you know.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
Top
Post Reply
4 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”