I notice in earlier posts that provided the correct procedure was followed a person subject to an IVA could be a company director. Would an IVA prevent a person being the director of an LLP?
You are not a director of an LLP but a partner. An IVA would not stop you taking up this type of appointment, but you ought to disclose the fact to your fellow partners.
It could make things difficult, given that your partner would probably be subject to credit checking if you were to apply to borrow any money as a partnership, and they would have to ensure that their ongoing trading would not contravene any of the terms of their IVA.
Not necessarily. As long as there is permission within the IVA to allow the Partnership to trade then no problem. As regards to the Partnership obtaining credit - well as all partners are jointly and severally liable then I can not see any problem. Disclosure to potential creditors though would be recommended.
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.
