Failed IVA after 6 years of payment, can we go bankrupt & save our business?

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Mrshwd01
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by Mrshwd01 » Sun Jan 14, 2018 10:13 am
Hi, my husband and I had a Iva which failed after 6 years due I think to my mental health at the time looking back I’m so cross with myself to letting it fail but it’s done. We get letters every so often telling us how much we owe but not asking or demanding money. I’m self employed beauty therapist and my husband works full time. I have 2 questions first of all should we go bankrupt because we have no way of paying this large sum of money (£25,000+) but how would that effect my business but also my husband would like to start a small outdoor catering business but again what would happen if we did go bankrupt? Could we protect these business so we can move forward with our lives?
Any advice would be so helpful I cannot see the wood for the trees
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Foggy
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by Foggy » Sun Jan 14, 2018 10:34 am
Another IVA might be possible. BR wouldn't stop your both from trading, but you would have to buy supplies on a cash on delivery basis, as you will not be allowed any trading accounts with suppliers. Also Public Liability Insurance is problematic in an IVA ( although some have managed) -- I can't imagine it getting any easier with BR.
redboxtree
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by redboxtree » Sun Jan 14, 2018 11:38 am
Additionally you would only be able to trade as Sole Traders - you would not be allowed to be directors in a limited company.

Depending on who you owe the money to and if over a number of companies you could let them decide what route they take.
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Lisa Thomas
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by Lisa Thomas » Mon Jan 15, 2018 9:54 am
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