www.iva.co.uk

Hi. I wondered if someone may be able to offer some advice. I understand someone that is in or previously been in an IVA can become a director of a limited company, but what if the party in question has current defaults on their credit file? The IVA has been completed for some time now, but is still on their credit history.
Thank you

This should not affect holding a directorship but will impact on their credit file. This could cause problems in the event of personal guarantees being required but other than that I see no real issue.

In terms of being the director still no issues.

If the company needs access to a bank account or lending based on their credit worthiness then there will be issues.

Also, larger the company more issues linked to key man principle.

IVA shouldn't be too problematic (apart from PGs as Michael suggests) Bankruptcy is the real issue - you can't be a Director when you're Bankrupt.

You also now cant be a director of certain public sector organisations if in an IVA or BR.

Ah, interesting to know, thanks LNE.

Thank you everyone.