Change of circumstances

Get expert opinion. This is the place for new questions to be posted.
2 posts Page 1 of 1

Smwdmf

Posts: 1
Joined: Sun Aug 25, 2019 5:52 am

Post by Smwdmf » Sun Aug 25, 2019 5:57 am
Help please
I have been offered an opportunity to join a successful company as a director. If I am appointed, will my IVA jeopardise the company as a whole?
I have 42 months left on my IVA and currently pay £118 per month.
Thank you.

Foggy

User avatar
Forum Expert
Posts: 29459
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Sun Aug 25, 2019 8:36 am
It shouldn't jeopardise the company as such, but you will have to check the Articles to see if there is an insolvency clause -- some, especially 'off the peg' articles bar insolvent directors, but this can easily be changed with a resolution by the board. However, your IVA would then become company knowledge, if it has not already been declared.

Your IP would also, possibly, need access to company accounts to check dividend distribution insofar as it affects your income. They may be happy with your annual HMRC declaration.

I would have an informal chat with your IP to check the lay of the land as regards the IVA affecting anything.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
2 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”