how would an IVA affect our companies

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R.m

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Post by R.m » Wed Mar 12, 2008 10:13 am
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My husband and I are experiencing financial difficulties and each have unsecured personal debt of more than £15,000 and closer to around £100,000 between us.

Some loans are in joint names. Can we take out a joint IVA (although I understand IVA stands for individual!)

Also we have three young companies between us, which is how we got into this mess as all three have been quiet recently and I have been poorly so not kept on top of everything.

My question really is how would an IVA affect our companies (all 3 are Limited) and we do not take a set amount from any of them each month as we tend to live on whatever happens to have been paid into the bank less our suppliers etc?
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Adam Davies

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Post by Adam Davies » Wed Mar 12, 2008 8:37 pm
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Hi
An IVA will not affect your limited companies and it would be unusual for the shares to be deemed as an asset.However your biggest problem will be in agreeing a realistic income with your IP so that they can propose a realistic IVA.
What is a realistic figure for your income on a regular basis ?
Regards
Andam Davies
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MelanieGiles

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Post by MelanieGiles » Wed Mar 12, 2008 8:40 pm
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Do the companies have any liabilities of their own and, if so, have you personally guaranteed any of them?
Regards, Melanie Giles, Insolvency Practitioner
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