Hi
This will be as contingent liabilty that will be disclosed to your creditors. It will not form part of your IVA as you continue to trade but may be included if your Ltd company becomes insolvent and the guarantee is called in
Regards
the next question i have is that one of my creditors is also who the overdraft is with at work. again does this not matter.
I havnt gone down the route of an IVA yet but i really dont see another way out.
The contingent liability to the guarantee is bound into your arrangements, and you must therefore disclose it to the IP you choose to represent you.
Your limited company banking may not necessarily be affected by your personal insolvency, but it would be best to check with the bank before making your final decision. Are your co-directors aware of your personal financial difficulties?
the other 1 director is not aware of my financial situation. he is 98% retired and i am to take over sole control of the said company. this is one of the problems i run the company alone which is solvent despite the current economic climate. i am the one who hasnt been paid hence the financial problems at home, he has a nice pension from a previous employment and does not see that not getting paid for 3 months is a problem.
If the company does ok over the next few years and i am in a position to turn things around with dividends. how much of this would or could be used to pay off the rest of the debt.
If i had the money to pay off all i owed could this be done after the IVA had started, and if so how much would a IP take on top of this
If the company is solvent and profitable, why are you not getting yoru salary paid?
If you are fortunate to be able to pay off all of your debts whilst in an IVA this is fine - but how will you fund an IVA if the company is currently not able to pay your salary?
the company pays the employees first and if anything is left the directors get a wage, if not they will get a didvidend at the end of the financial year based on the profits, it has been 3 months since receiving a wage, the company has a lot of work booked in from mid march but has done hardly anything this year, we have juggled finances there and money is now coming in, i will probably get back to being paid regular by the end of march but this could be all too late.
Not necessarily. If you seek advice from an insolvency practitioner who is experienced in dealing with trading businessess, they can help you to put forward cashflow projections for the company which may demonstrate that you can take a regular wage and therefore deal with your debts.
I guess you have to be confident about the future viability of the company before relying on that to fund a repayment plan for your own debts, but may businessess have survived the credit crunch and if there is a solid plan it could work for you.
i am very confident about the future of the company, we have already taken relevant actions to cut costs.
One of the problems over the years is it being unable to sustain 2 directors, the second problem being the recession.
I guess it will be difficult for yourself not knowing the full details, it would take me a week to write it all down.
Hope you can get it sorted Keith but I do recommend that you speak to a professional about your situation for some free and impartial advice via www.iva.com
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
Most experienced IPs can usually pick things up in about 10 minutes - so I don't think it will take you that long to paint the picture. no harm in having a chat at least - it may give you some ideas for the future and enable you to set aside your personal and corporate difficulties.
Glad to see that you have confidence in the survival of the company. That is a great start.
Lol it will be a great start getting rid of the other half of the partnership, i have cut our running costs down substantially over the last 2 weeks, more to follow this week. the last 2 years have just been a case of working to survive, and now i have had chance to sit down and analise things i can see where it all started to falter and that all ties in with my own personal issues.
The company will survive despite the economic downturn, it just needs slimlining. I wish i had taken note 12 months ago, but alas this is the kick up the backside needed and hopefully things can start to improve.
I will be having a chat about it with somebody tomorrow.
I can sympathise with that - I myself have gone through a restructure within my group this year, clearing out some non-performing items so to speak! It sounds like you have a good forward plan, so best of luck with sorting it out.
well i had a chat with a second IP yesterday and i am more confused with some things than i was before.one says you can have a car to the value of 5000 and the other says 3000, which is it ? i live in the country i need a car to get to work and need one to see clients all over the uk, my car is valued at 10,000 it dosnt have a loan on it.
