business & the iva

[kezza]

Hi there,
can anyone tell me if my business will be affected by applying for an iva or can you keep them separate?

[illihor]

Hi kezza,

I'm no expert but as far as I understand it you can continue trading and run your business without problem as the creditors will see this as an income. So basically your business shouldn't be affected at all.

I'm sure one of the forum experts will be able to clarify things for you soon.

On the way to a brighter future....

[kezza]

Thanks for that, I was a bit concerned as I would find it difficult getting supplies etc. [B)]

[illihor]

You're welcome, but as I said, I'm no expert on the subject.

I'm sure you will get a professional reply soon;).

On the way to a brighter future....

[accgroup]

Hi Kezza

As stated above you can continue to trade whilst in an IVA as this is your source of income. Presumably you are talking about a business as a sole trader - self employed? It would not affect a limited company as this is a separate legal entity.

If self employed and you owe any of your suppliers money then they will be creditors in the IVA and will have to be notified as such so this could have an affect on your ability to trade if your suppliers do not support you. In my experience most suppliers will support an IVA as the benefit of having an ongoing customer will outweigh any loss they have made.

However, you should seek advice from an insolvency practitioner who can go through the details with you and provide you with advice to suit your individual circumstances. Most practitioners will give initial advice for free so you will not be committed to an IVA until you have actually signed up for it.

Hope this helps



AccumaGroup
http://www.accumagroup.com - One of the UKs leading debt and insolvency advice firms with over 200 employees.

[kezza]

Thanks for the input, I was hoping I would be able to keep matters separate, but it doesn't seem like it will be the case. If it makes things difficult for getting supplies, that could have a knock on affect for income.
I have got the ball rolling with Thomas Charles, so should hopefully hear soon what the situation is [B)]

[Oliver]

Excellent post by Accuma and glad to hear that you have chosen to become a client of ours Kezza. Please continue to post to update us of your IVA experiences.




You can access Video Clips giving additional information about IVAs at:
http://www.thomascharles.com/interview_ ... an_iva.asp

If you would like more information about IVAs, other debt solutions, or just want to arrange an informal chat, please visit us at www.thomascharles.com.

Best Regards
Oliver
www.thomascharles.com