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Hi all,
I have creditors meeting on Thursday 1st march. In relation to closing my Ltd company.
I generally have been taking too much in the way of didvidends from the company to support my personnel expenses.This has meant that Items such as Inland revenue & Vat have not been paid.
I have around £40000 of personnel debt + morgage.
None of which are in arrears, beacuse I have taken these dividends to pay them. So the company is insolvent.
Now to my dilema ,I am going to enter an IVA so that in future I will not need to take as much money from the business.
I am told that this process can take around 8 weeks ? if that is the case should I attempt to meet the repayments on credit cards etc. I will obviously keep the morgage payments going, but not sure about the cards.
£3500 for the IVA 1/2 up front has been requested. Is this the norm ?. I read somewhere that this amount was added to the total debt.
This in in addition to the £3000 + vat for the winding up of my company.
Sorry a bit longer that I thought but any help would be very welcome.
Kind regards
Simon

Hi simon

I don't really understand the post - is the creditors meeting on 1 March an IVA meeting? If so what is the plan to address the company's
indebtedness? If your company is being wound-up, then how are you going to earn the money to fund the IVA? And where has the money come from to pay the IP fees for the IVA and a liquidation? Is the same IP going to act for you in both cases? If so this is a conflict of interest.

I am not convinced you have been properly advised. Which IP firm are you using?


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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk