www.iva.co.uk

PLEASE CAN YOU ADVISE US REGARDING GOING INTO AN IVA WE ARE A LIMITED COMPANY WITH £17,000 OF DEBTS

Limited companies don't do IVAs, but they can do a company voluntary arrangement, the amount of debt that the company has though is not likely to make this procedure worthwhile.

Are you looking to continue trading the company or just have it wound up ?

Philip Beck

Licensed Insolvency Practitioner and IVA specialist

Welcome to the Forum Scary,

An IVA is as its name states "Individual", which means that a Limited Company cannot go through an IVA. However if an Individual is a guarantor for the company's debts then this is a different case as the Individual is liable for the debts and can proceed with an IVA.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

Interesting one as this has area has been brought to my notice and I understand that some organisations are starting to look at these.

Basically the schemes are called CVA's.

Presently I am doing some research into this area.

Who does the company owe money to?

CVAs are rarely used these days, because of the onerous obligations placed upon the IP who potentially becomes personally liable for trading losses. Administration or liquidation seems a far likelier solution for a case with such small debts.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Thanks for that one Melanie!

To be honest with you making an IP liable for losses after a CVA has been commenced is clearly stupid and one can understand why you don't want to do them! I don't blame you!