Im sure this has been answered on the forum many times, but for clarity.
Am I right to assume that although still in an IVA I can set up my own limited company ? and that I can be a director of that company ?
I also need a business bank account ? Any ideas which banks to start approaching seen as I'm in the IVA.
Having been made redundant recently, it looks as though this is one of my only few remaining opportunities and try contracting. But I need to be set up as a LTD company to do this.
You can set up a limited company in an IVA and be a director. The IP will want to see annual returns for the business but given that you are nearly out of your IVA this will hardly be an issue.
You could operate under an umbrella style company which is relatively easy to do and does remove a lot of the statutory obligations although of course you do have to pay a fee. Opening a bank account should not be a problem as it will be in the name of the limited company and there should be little checks carried out on you unless you seek facilities.
Speak to your IP and advise what you are proposing to do. It may be possible to try and close your IVA down now given your redundancy and this would allow you to develope the business without the constraints of an IVA.
I have been in touch with my IP offering a F&F due to the redundancy (all though it's not the full amount) and are awaiting this to be proposed to the creditors. I have had a couple of job offers withdrawn due to my IVA hence looking to set up as a limited company and try my luck elsewhere.
I looked at the Umbrella company route but I think I am going to go back over to the USA in the New Year and so far, this option hasn't been viable.
I will try the banks and see what I can get in terms of a business bank account etc.
I am sure that your offer will be placed in front of creditors very soon! How ridiculous that you have been denied jobs simply because you tried to make a deal with your creditors.
If I were you I would scoot back to the US where they have a much more positive view about insolvency and allow people to have a second chance. You have an extremely valuable skillset to offer to prospective employers, and once the IVA is behind you I am sure you will benefit tremendously in the workplace.
I am getting increasingly frustrated here in the UK by most employers attitude and not being given a 'second chance' as you rightly point out. I have been honest with all the potential employers only to be rejected through my financial woes. Unfortunately, the majority of vacancies are either in the financial industry or with Government which requires these kind of checks (rightly so). But do feel as though I am penalised for addressing my financial mistakes nearly 5 years ago, and entering into an agreement with creditors.
I'm going to try and go back over to the US at the beginning of Jan 10. Until then, I've given up hope of any employment here in the UK unless I have a IVA completion certificate.
