would my directorship position be jepordised?

[psc]

I am 50% shareholder of a successful company and a joint managing director. My dividend income is high and salary very low. If I went IVA would my directorship or shareholder position be jepordised?

[ray_a]

Hi PSC and welcome to the forum.

An IVA gives you protection from losing your position as a director. In saying that you will need to be flexible with the amounts you receive as a dividend.

In addition are you drawing a dividend from the company as opposed to taking it out as a salary as we are expecting changes in the 2008 budget and this will have a baring on your income figures for working out a suitable IVA.

Hope this helps and good luck

Ray

[Andrew Graveson]

Hi psc,

One of the site insolvency experts will be along soon to advise you.

I understand that there can be ramifications for Directorships but someone more qualified than I will supply further information.....

Andrew Graveson
Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

[MelanieGiles]

No - but your dividend income will be taken into account as income for the purposes of calculating disposable income - and the IP you choose to appoint will want to see the business accounts and cashflow forecasts to verify your income and value your shares which will be deemed to be an accountable asset.

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

[iva experts]

You would not have to step down from being a director in an IVA, however you would need to provide at least 3-4 years trading accounts, 3-4 years tax returns and a 12 month trading projection.

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