New Job with More Financial Responsibility

[missyp]

I am starting a new job early March. My pay is increasing initially by £4000 per year but after six months my pay is being reviewed again, depending on performance.

I am initially starting as Financial Controller (taking over the current Finance Director as they are leaving) and I am being told by my new employer that eventually the role will lead to FD. There are a couple of issues I am worried about.

1. The current FD has a bank card which accesses the online banking, similar to the one in my current role. It is not a cash card in any way but means that I have access to online banking. In the new role I have to authorise large BACS runs and staff wage runs plus make HMRC statutory payments. Will their bank need to credit check me and if so is this going to come back adverse and they may not issue me with a card?

2. The current FD has a company credit card which she uses to authorise ad-hoc purchases. I might have to be issued with one. This will not be for personal use, only company use. Worried about the checks and know I am now allowed credit card under IVA.

3. If the owner decides to make me into an FD, will the IVA effect me becoming a Director?

So many questions I know but I really dont want my IVA to effect my new job and position. I have worked so hard achieving my AAT qualifications to make sure I eventually had a better job and future.

[Shining]

Hi, firstly well done on the promotion and pay rise!

I do not work in finance nor know anything about this but will keep this bumped up for an expert to post on.

[missyp]

Thanks Lesley.

[Foggy]

Congratulations on the job

Firstly ... does your employer know about your IVA ? You are not barred from directorship from the IVA end of things, but the Company Articles might have a non BR / IVA clause (which could easily be amended).

Authorising payments should present no problems ( in an earlier post I had the authority to authorise payments up to £5 million, when I worked, after that in the NHS, I had to get a counter signatory for a tub of butter! ) Anyway, I was not credit checked for either of these positions.

The credit card, again, as long as it is the company card, in their name, it should present no problems to your IP.

Of course, every situation and employer, are different and do things differently.

[luluj]

Well done on the new job....as foggy says i think you will be ok. If you are worried can you make an quick private call to HR and establish rules on insolvency within your firm....i am sure it will be fine but if in doubt check it out....let us know how you get on.

[MelanieGiles]

I don't think that anyone here, not even your own IP, can give you the reassurance you seek about whether credit checks will or will not be carried out. Hopefully this will not be an issue for you, and good luck with the new job.

When the time comes to be appointed director, you may have to disclose the IVA if you are still subject to the proceedings at that stage - but a quick company search would enable you to review the company's Articles of Association to see if there are any restrictions. I think you are a client of my firm - and if so, we can do this for you if you want to contact me off line.

[missyp]

Hi everyone, thank you for your comments.

From what I can gather so far the new company are quite relaxed and laid and have not mentioned anything about insolvency, IVA, bankruptcy etc. So fingers crossed I will not encounter any problems.

Also, thanks for the advice regarding credit checks, authority and credit cards etc.

Hi Melanie, thank you for your advice. Regarding the Directorship, this wont be for a good 12 months to two years, by which time the IVA will be coming to a close but if at the time I am still tied into the IVA I will contact you and perhaps perform the search on the Articles of Association which you mention.

In the meantime I am working my notice out at my current employers and officially start in the new job 4th March. Looking forward to a new challenge!

[MelanieGiles]

The every best of luck - it sounds like a great opportunity. Make sure you let us have your new employment details in due course.