Can I sell the tools of my present job to invest in a car for a new career as a taxi driver ?

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Geoff.ww

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Post by Geoff.ww » Wed May 27, 2015 3:11 pm
i am 2 years into an iva i am thinking of changing jobs my present job is a self employed joiner i have lots of tools for my trade .if i sell up my tools can i reinvest the money into a car for my new career which will be a taxi driver or will the iva demand the money for my creditors
 
 

lifenoteasy

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Post by lifenoteasy » Wed May 27, 2015 3:13 pm
I'm not sure how it can be argued how it would be an asset or a windfall, especially if you are reinvesting the money to support your next business i.e. one business to another.
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.
 
 

Michael Peoples

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Post by Michael Peoples » Wed May 27, 2015 3:21 pm
Your tools of trade should have been exempted in the proposal anyway so this should not be a problem. However inform your IP to just keep them in the loop.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
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Lisa Thomas

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Post by Lisa Thomas » Thu May 28, 2015 11:25 am
The tools would have been exempted on the basis you needed them to trade and earn an income, which will no longer be the case if you change jobs however speak to your IP as the point still remains that you need to sell them to get funds to be able to change employment and earn an income. As long as it's not too material a sum I would think your IP would be fair about it but best to check first.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
 
 

Foggy

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Post by Foggy » Fri May 29, 2015 4:49 pm
The way I see it is that you are swapping one set of tools for the trade for another .. no loss, no gain and all in the interests of earning the income required to keep the IVA going.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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