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I WAS THINKING OF DOING AN IVA BUT HAVE SOME SHARES IN MY COMPANY. DUE THE CREDIT CRUNCH THEY ARE NOW DOWN BY 60%. CAN I TRANSFER THERE SHARES TO SOMEONE ELSE TO AVOIDING HAVING TO CASH THEM IN?

You would have to sell the shares and not transfer below market value,the same if you have savings,you wouldnt be able to put them into someone elses name to avoid handing the money over to your creditors.
Is the company doing well??

If the shares are part of a trading entity, which actually pays you a salary or dividend income which would be used to fund your IVA contributions, it may not be necessary to sell them - however you ought to take advice from an insolvency practitioner on this point.

Some consideration for their value will have to be demonstrated within the IVA proposal - how much would you say they are presently worth?

The shares were part of my firms sharesave.
I put in £250 a month for three years and option price was £2.28 which i took up.

They were £7.54 last year but are now only £3.20. I have 4325 of them.
the problem I have is I also owe relatives £25,000 on top of the £22,000 in credit cards.
so i when the shares go back up to at least £5.20 i would sell them to pay them back my relatives

Is there anyway I can transfer these shares to my parents name?
or would it be best to sell them instead before I apply for an iva.

Ok - you must definately not transfer assets at an undervalue to anyone if you are insolvent and thinking of entering into an IVA or bankruptcy. The shares are an asset which will need to be declared and probably paid over to your creditors.

Melanie is spot on. You cannot transfer or sell at an undervalue to anyone as you are insolvent. However there is nothing to stop you selling them at the moment to a bona fide purchaser at full market value and utilising the proceeds in settling some of your debt.
Check on www.iva.com to take advice from an expert in these matters.

Ok with regards to my second question. Can I Sell my shares to pay my relatives then apply for an IVA? Surely then I have got rid of my only assets.
Also please could you advise a good company to go use when applying for an IVA. I have been told to be carefull as there are a few cowboy companies out there

Again by selling your shares at full value and then preferring your relatives is probably difficult unless you can show and prove that your parents (rather than other creditors) put enough pressure on you by say threatening proceedings if you did not pay up. Difficult and if you went bankrupt then a Trustee might attack the transaction. In an IVA you can explain what happened to the asset and why you had to pay back your relatives. Visit www.iva.com for reviews on good practitioners. Good luck.

You should not sell the shares and pay your relatives in preference to creditors under any circumstances. whilst we would all not want to see those closest to us suffer as a result of our financial difficulties, you have to treat all creditors equally once you have recognised insolvency - and a declaration has to be made as part of your IVA that you have not effected any preferences or transactions at undervalue prior to making your application.