Decalring umpaid monies in IVA

[Adecco]

I am an IT contractor and i am one man limited company.

It seems it is most likely i can offer a F&F settlement.(This IVA is for me personally - not the limited company)

The limited company is still owed money for work done. I purposely have not invoiced this yet.
I as a director of this company would then be entitled to draw dividends and salary from the company.

Legally am i entitled to delay invoicing this until the IVA F&F is completed? (And then invoice and withdraw salary and dividends as normal?)

Or do i have to declare this as part of my IVA in advance? (i.e. state that the company of which i am a director is owed money - as legally i would then be able to take out some of this money...)

Im hoping that an IVA can only consider money paid over to the limited company at the moment in time of teh F&F IVA - as opposed to money the company are owed in teh future for services rendered.

[Michael Peoples]

Any IVA for you would be based on projections for the company and you would be expected to be paid a resonable salary and to withdraw fair dividends. Your IP will not allow the company to retain large profits until the IVA is completed as you could then just declare a nice dividend immediately you are discharged.

If the company owes you money this money could also be repaid within the term of the IVA and if you have an overdrawn director's loan account your company would be listed as a creditor.

Get some advice from an insolvency firm and make sure the firm understands the self employed or limited companies.