My brother is a director of a limited company that he started in August 2014. In February 2015 his wife left him and his personal and business finances have suffered because of this. He now has considerable debt and is struggling to manage. Would he be able to get a self-employed IVA as the director of his business or would he only be able to get an IVA on his personal finances.
Any help or advice would be greatly appreciated
The whole situation will depend upon many things and I would suggest he has a chat with a firm with experience with self employment matters, such as McCambridge Duffy. The smaller / medium sized firms will be able to give more individual attention.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
There are two types of debt i.e the personal and the company. He could certainly do an IVA but there are complications so he should speak to a firm with experience of the self employed and limited companies.
Given how long he has been trading for there are a lot of variables.
If he has an accountant that might be the best person to speak to first.
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.
