Right here goes, yesterday my boss has talked about redundancy with me and for good measure has thrown in an alternative. He is willing to make me a partner of the business but i would need to take a reduced wage. As my husband has recently started a job and we now have more income this is possible. But would i be allowed to become a partner? The alternative is to leave a job that I love. Please help I feel all up in the air. Under normal circumsatnces I would be jumping for joy. The future earning potential is fantastic if i can hang on in.
From what you have said, if you can keep up the payments of the IVA even on a reduced rate i would think it was not a problem. You can become a partner or even a director in an IVA.
There is nothing to stop you becoming a partner of a business whilst you are in an IVA - but if you are going to be taking a reduced salary, is this likely to affect your IVA payments? I am assuming that you are already in an IVA.
I would go for it then. If you love your job this is a great opportunity for your future, just make sure that the business is in good shape financially, because as a partner you will become liable for any partnership debts that were incurred after your appointment - and the rules for no credit whilst in an IVA will extend to the partnership as well.
Does your prospective partner know about your IVA?
