www.iva.co.uk

I have a full time PAYE job, but also am the sole director (wife secretary)of my own limited company. I'm looking to enter into an IVA & think that I have to resign & then be reinstated as the Director due to Table A clause 82 b. Has anyone any experience of doing this? does it mean that I have to enroll another Director prior to my resignation (presumably, whilst I am resigned, there must be a director in place)?
In this case would it be possible for my wife not to enter into the IVA & become the director?
The Business account is with the same bank as my private account - HSBC & I also have credit debts with their Credit card. Should I also switch both of these accounts?
I would be most grateful if anyone could offer any advice.

Hi Casper and welcome to the forum, I don't have the answers to your post but want to reassure you that one of the professional posters will be along later on today to give the answers. All the best.

Thanks Lesley, I appreciate your support.
At the moment I have so many questions & very little appreciation of this minefield - which is very difficult for me as I like to have all the answers at my fingertips.
Probably, like all of you, I don't particularly mind the hardships ahead (although I'd like to mitigate these as much as possible), it's the thought of not being able to give to family & friends that really hurts.
I set up the ltd co three years ago, when things were starting to spiral. This has kept my head above water, but I realized that in that time I'd earned an extra £30k, worked abot 16 hours a day & that had all gone on monthly payments - result about £500 paid off!!!!!!
Had enough now, but even though I want to pay off as much as possible, the machine seems to work against me - boo hoo.
Love El Diablo x

You ask all those questions and I'm sure the answers are out there.

Have a good look around this excellent site too and why not take a look at www.iva.com and there you will find a list of companies and some reviews that may be able to offer you specific free advice relevant to your personal circumstance.

Surely you can pass a board minute effecting your resignation and reinstatement to be simultaneous?

Thanks Melanie, if it's that simple, there shouldn't be a problem.