Hi, I am in an IVA at the moment

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

sonny100

User avatar
Posts: 13
Joined: Fri Jan 09, 2009 1:16 pm
Location:
Post by sonny100 » Sun Mar 08, 2009 4:48 pm
Quote
Hi,

I am in an IVA at the moment, can I start up a Ltd company? If so, will I have to give 50% of the companies profits towards the IVA?

Thanks,

Gary McAllister
Top
 
 

kallis3

User avatar
Forum Expert
Posts: 77176
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom
Post by kallis3 » Sun Mar 08, 2009 4:54 pm
Quote
I think you can start one, not 100% sure though, and I don't know how the IVA would affect any profits.

Hopefully one of the professionals will be on soon and can answer the question more fully.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
Top
 
 

David Mond

User avatar
Posts: 4896
Joined: Tue Sep 30, 2008 9:31 pm
Location: United Kingdom
Post by David Mond » Sun Mar 08, 2009 10:21 pm
Quote
Presumably are you currently employed and earning a wage. By starting a limited company is this going to be the source of your only income.

In any event you should speak to your IP.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Top
 
 

sonny100

User avatar
Posts: 13
Joined: Fri Jan 09, 2009 1:16 pm
Location:
Post by sonny100 » Mon Mar 09, 2009 2:43 am
Quote
I am already employed, but I wanted to start my own web design company along side my regular job.

I wouldn't be drawing a wage from the ltd company, I wanted to keep all of the profit within the company for it to grow and expand.

So I wouldn't be drawing any money out of it, rather, I would just own a company that is making money.
Top
 
 

luluj

User avatar
Forum Expert
Posts: 11333
Joined: Sun Dec 09, 2007 6:54 am
Location: United Kingdom
Post by luluj » Mon Mar 09, 2009 6:07 am
Quote
I would imagine it would needed to be available for your IVA - stashing the profit away to help expansion is likely to be classed the same as having savings - which are not allowed in an IVA.
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"
Top
 
 

David Mond

User avatar
Posts: 4896
Joined: Tue Sep 30, 2008 9:31 pm
Location: United Kingdom
Post by David Mond » Mon Mar 09, 2009 6:48 am
Quote
Yes you would need to contribute some if not all of the profit your venture makes during the period of your IVA.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Top
Post Reply
6 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”