Help

[l_b]

Hi everyone

I really could do with some advice I am pulling my hair out here.

I have been putting my company into a CVA it has taken 6 months so far and has been pure hell I dont think I can go on with it much longer and might have to do a CVL.

The problem being is to take an IVA on ourselves as directors also.

We have unsecured debt of £80k used to keep the business going. £100k of secured debt loan against our home for the business. Also personal guarantees with one on a factoring company for the business of £200k.

Feel like throwing myself off a cliff. The CVA is taking forever. I dont want to lose my home and we have only equity to cover the £100k loan.

What can I do? Help and advice please.

[chris.g]

Hiya Leeroy, can't answer your question, just wanted to welcome you.
An expert shouldn't be long

[l_b]

Thanks, I have been reading this forum and there seems a lot of good advice is out there.

[lily]

Hi leeroy and welcome

I am not clued up about CVA's so cannot help with that, I am sure an expert will be along. You could try ringing a few companies just to see what the time scale for this should be, just to see if your chosen company are on the ball or not.

Please dont be tempted towards the cliffs, please, this is not an answer to anything. Those that you love will never understand this, youre so precious and worth a lot more than money and cannot ever be replaced. Its worth a fight to try and sort things out. I know this is very hard right now and I am feeling for you.

Just hang in there, I am sure you will be getting some much needed advice on here before the end of the day.

[l_b]

Thanks Lily

[l_b]

Help Help

[Moneystinks]

I'm sue an expert will log on soon.
Try posting in May's postings.

Hope everything goes well.

x

[Viki.W]

Hang in there, the experts will pick this up tonight so keep checking. You're in the right place for advice. viki X

[Moneystinks]

I have responded again to put your thread back on the top.
Good luck

[MelanieGiles]

CVA's are actually quite rare these days, as they do not have a great success rate to be frank and there are probably better options for troubled companies. That said, if your business has suffered from a temporary problem, which is not likely to recur, and can demonstrate core profitability, then there is no reason why one could not work for you.

Are there any reasons why things are taking so long? And what reasons were you advised about putting a CVA forward instead of either Administration or Liquidation? And as an observation of the amount of personal debt you appear to have taken out to deal with the company, I do question its profitability.

What advice have you received so far with regard to your personal position, which is leading you towards proposing IVAs?

[michael.t47]

stay away from the cliff

[Skippy]

Good luck Leeroy, there will be a solution to your problems, and it's definitely not the cliff - you're worth far more than money x

[l_b]

Thanks for getting back to me.

The CVA was put forward because there might be a chance that the company can make a comeback and be profitable. But!! Suppliers wont trade with me. Clients are wary I will go bust if given a contract. Labour force dont want to work and those who do are constantly worried about being paid. My accountant wont deal with us and we cant get an accountant unless we pay up front so our returns are late.
This is not what a CVA was sold to me as.

With regards to an IVA we both feel that we have to go down this route. We have no personal CCj and ok credit but, 5 credit cards to the max and several small loans which if the company is in Liquidation we cannot pay so maybe we should start the IVA before the company goes pop rather than wait.

With the home the equity is £100k and a secured loan with the bank of £100k left, would they take this and run or try to come to some sort of a deal??

It does feel as if the world is caving in but the cliff is not going to be an option, it would be selfish and my wife and children would not have me around.

The main reason for all this is that I am in construction and my clients are paying late and short on payments. It has got worse over the past six months across the board.

[Moneystinks]

I'm sorry your having a bad time. This forum is a great source of support - but be warned it can be addictive lol!

The people who post on here are non-judgemental and friendly.

I hope that you get some clearer answers. Melanie is good and I'm sure she will come back to you again. xx

[l_b]

Thanks.

If I have set up an IVA.

If any personal guarantees I have with my business are to be used against me at a later date. How would that affect an already up and running IVA.

Can it stop it or would I have to let any one who i have given a business personal guarantee before I went into an IVA because most suppliers ask for a directors guarantee with accounts.

Can an IVA stop me from being a Councillor??

Is it public for everyone to see that I have an IVA?

Can i have a normal current account, with no overdraft but use a debit card for the account?