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Posted: Wed Jul 13, 2016 7:37 am
by Markdn91
I'm in an iva jointly with my wife. Since being in this arrangement I have gone self employed as a sole trader. Can the IVA investigate my business account and take money out of the business account?
Posted: Wed Jul 13, 2016 8:30 am
by kallis3
Hi and welcome,
The IVA cannot take money out of the business account but they may want to see statements when it comes to review time.
Posted: Wed Jul 13, 2016 8:34 am
by Shining
A welcome from myself too.
An IP may wish to see the books so to speak, but as Kallis says, won't be able to withdraw money from this, however, may request extra monies at review time if applicable.
Posted: Wed Jul 13, 2016 9:26 am
by Foggy
As said they have no access to withdraw funds from the business account, but, as this is a source of income, they are duty bound to check it out. They will only want to see funds building up in the account which are required for the running of the business ... any surplus would be expected to be paid to creditors.
Posted: Wed Jul 13, 2016 6:08 pm
by sponge
In my time in an IVA I had a ltd company. A most useful tool as it's a separate entity at arms length from the IVA
and can make your time a little easier.
Posted: Wed Jul 13, 2016 6:54 pm
by lifenoteasy
For once agree with sponge.