Should I step down as a Director?
Posted: Wed Feb 08, 2017 11:53 am
I entered an IVA in November 2015 under some horrendous advice - I really regret entering it. I own a small business that turns over just enough to support myself and my wife, who had to leave her full time position in her old job last year due to ill health. lately, we've been trying to secure finance to help us expand the business - it's doing well and it's growing and we're currently hitting some walls which we could climb with some additional infrastructure.
But obviously, being the controlling director, whenever we seek any kind of finance, we get turned down.
My wife is also a director - we pay ourselves the barest minimum wage and top it up with dividends where we can - our accountant takes care of us in that respect. I'm wondering if I should step down as a director and let my wife take over - will that help our business secure finance if it needs it in the future?
But obviously, being the controlling director, whenever we seek any kind of finance, we get turned down.
My wife is also a director - we pay ourselves the barest minimum wage and top it up with dividends where we can - our accountant takes care of us in that respect. I'm wondering if I should step down as a director and let my wife take over - will that help our business secure finance if it needs it in the future?