Can I be a Director of a Limited Co in an IVA?

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angela189
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by angela189 » Thu Jun 07, 2018 9:16 pm
Can I be one of 8 directors into a new limited company whilst having 12 months left on my IVA ?
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kallis3
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by kallis3 » Thu Jun 07, 2018 9:27 pm
No idea on this - hopefully one of our experts can help.
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Dawndc28
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by Dawndc28 » Fri Jun 08, 2018 6:24 am
You can - I became a director of a limited company whilst in an IVA September 2017 . I got accepted onto the board and into companies house no problem. I did have to declare the IVA though and I voluntarily gave my reasons that I ended up with one. You can't however become a director if you have previously continued to operate as director in an already insolvent company and take money during this time which would exempt you from being a director this is a companies house rule . I am still in post as company director my IVA has never come up apart from the initial declaration and I have only one payment left to make which will be month 72 ( a year added on re equity) - so if you have the opportunity you can take it - hope this helps
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Dawndc28
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by Dawndc28 » Fri Jun 08, 2018 6:28 am
Dawndc28 wrote:
You can - I became a director of a limited company whilst in an IVA September 2017 . I got accepted onto the board and into companies house no problem. I did have to declare the IVA though and I voluntarily gave my reasons that I ended up with one. You can't however become a director if you have previously continued to operate as director in an already insolvent company and take money during this time which would exempt you from being a director this is a companies house rule . I am still in post as company director my IVA has never come up apart from the initial declaration and I have only one payment left to make which will be month 72 ( a year added on re equity) - so if you have the opportunity you can take it - hope this helps


Ps I read tha articlels of association over and over when I took the post to ensure I wasn't breaking any company rules re personal debt - personal debt was not mentioned in these only previous company debt
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Foggy
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by Foggy » Fri Jun 08, 2018 6:50 am
Dawndc28 wrote:
Dawndc28 wrote:
You can - I became a director of a limited company whilst in an IVA September 2017 . I got accepted onto the board and into companies house no problem. I did have to declare the IVA though and I voluntarily gave my reasons that I ended up with one. You can't however become a director if you have previously continued to operate as director in an already insolvent company and take money during this time which would exempt you from being a director this is a companies house rule . I am still in post as company director my IVA has never come up apart from the initial declaration and I have only one payment left to make which will be month 72 ( a year added on re equity) - so if you have the opportunity you can take it - hope this helps


Ps I read tha articlels of association over and over when I took the post to ensure I wasn't breaking any company rules re personal debt - personal debt was not mentioned in these only previous company debt


Some "off the peg" articles of association have clauses forbidding any insolvent from becoming a director, so they do need to be checked. If they do have such a clause they can be easily amended by direction of the Board.
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