I am in an IVA, which I started whilst being self employed. I am now considering incorporating a limited company with a couple of partners to launch a new business. I am not expecting to contribute any capital to the venture. Does my IVA preclude me from involvement in this venture?
In what ways can I be involved?
Make sure you have a good accountant, tell them you are in an iva and make sure IP understands when accounts are available.
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.
The IVA in itself is no bar, but the company articles might be. Many newly formed companies use standard articles which prohibit directors who are insolvent, but these cam be changed by a resolution of the Board.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
You need to ensure that other directors are protected and do not become liable for anything on your side.
Foggy is right - just think it through.
The iva might work against you of applying for a business account but there are accounts around that don't require good credit rating etc.
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.
To be honest, the account issue can be overcome as well. I had to set up a second company whilst in my IVA and the bank wouldn't allow the bank account to be opened with me listed as a director. Removed myself, other directors set up the account and then re-added me as a director. Pretty stupid really but all above board.
