Hello.
I currently have an Iva in my name, started 2.5 yrs ago 3.5 years left.
At the time my husband had debts which we intended to pay off however being self employed the situation worsened.
My husband now has £30k in personal debt ( used to help with the business but not named in the business) he has 10 creditors.
I have looked online for pro’s & cons in regards to having an Iva when self employed/director. He currently has the company as a ltd company- would this have to change to sole trade?
The company does ok at the minute but he is taking £2k a month out as wages to pay the debts but this is then stopping is paying the suppliers on time.
He hasn’t fallen behind on payment however one creditor will issue a ccj in July if we haven’t cleared £7k debt.
He can continue to be a Director of the Ltd Company in an IVA. In bankruptcy he cannot be a Director or involved in the management of the Company whilst he is Bankrupt (usually for one year)
He might be causing the Company to become insolvent by drawing out too much to deal with his personal creditors.
