www.iva.co.uk

Hi,

I am in an IVA at the moment, can I start up a Ltd company? If so, will I have to give 50% of the companies profits towards the IVA?

Thanks,

Gary McAllister

I think you can start one, not 100% sure though, and I don't know how the IVA would affect any profits.

Hopefully one of the professionals will be on soon and can answer the question more fully.

Presumably are you currently employed and earning a wage. By starting a limited company is this going to be the source of your only income.

In any event you should speak to your IP.

I am already employed, but I wanted to start my own web design company along side my regular job.

I wouldn't be drawing a wage from the ltd company, I wanted to keep all of the profit within the company for it to grow and expand.

So I wouldn't be drawing any money out of it, rather, I would just own a company that is making money.

I would imagine it would needed to be available for your IVA - stashing the profit away to help expansion is likely to be classed the same as having savings - which are not allowed in an IVA.

Yes you would need to contribute some if not all of the profit your venture makes during the period of your IVA.