I was appointed to the board of directors

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Dawndc28
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by Dawndc28 » Wed Sep 27, 2017 5:46 pm
So in August I was appointed to the board of directors. I have no financial interest in the company and I am not a partner however I have a skill set they require and both they and me were delighted I was offered this position. I am half way through year six of my IVA added on in lieu of equity. I have been through article of association and personal debt not mentioned just debt related to companies so all well and good. I have been approved by all board members and have been accepted into companies house. Sine I wasn't asked I didn't mention IVA - it's personal for a start and I feel ashamed however today I received an email asking many question but one of them is have you ever been declared bankrupt or insolvent ??? This is because the company are renewing their insurance and this question needs to be answered. Of course I am going to declare IVA - however I want to know 1. by being in one have I been declared insolvent ? 2. How will my personal circumstances from years ago affect the company insurance or is it just for the record ? I am telling them anyway in the interests of I haven't got a clue so they need to know . I am embarrassed but I am honest and wish for transparency. I do hope in the future when I as are being sold these things are actually pointed out - I read the documentation and asked questions but the a wears were brief and dismissal really and I at the time quite simply didn't understand I didn't even consider myself insolvent I just thought it was a solution that's how it was sold to me and this is a shame as it could now affect my future
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Foggy
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by Foggy » Wed Sep 27, 2017 5:57 pm
Hi. Yes you are insolvent, until such time as the arrangement is successfully concluded. How this might affect the company insurance policy will depend upon the criteria of the particular insurance provider. The "stigma" will not last forever, for the most part, but, if asked "Have you ever ....?" the response has to be "Yes".
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Dawndc28
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by Dawndc28 » Wed Sep 27, 2017 6:12 pm
Foggy wrote:
Hi. Yes you are insolvent, until such time as the arrangement is successfully concluded. How this might affect the company insurance policy will depend upon the criteria of the particular insurance provider. The "stigma" will not last forever, for the most part, but, if asked "Have you ever ....?" the response has to be "Yes".



Yes the question is have you ever and yes I am going to answer honestly never intended not to just trying to get a feel for what might be the response - you can't see into the future and 6 years ago I didn't even consider I might be on board of directors today . I have worked so hard to get here and I believe my fellow board members will be fine more concerned with how it affects the company insurance if at all. It's one of about 7 questions and its the only negative answer my have. Debt wise the IVA has helped me though I have paid back 100 pence to the pound so all my debt barring fees and interest. The shame is career wise if affected this will cost me much much more than that plus loss of the intended income which is substantial and exactly what I have worked for boooo
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Dawndc28
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by Dawndc28 » Wed Sep 27, 2017 6:17 pm
Eeeeeeek the shame if I have to step down from the board what will I tell 120 direct employees 300 indirect and my friends and family .. ? Crikey I will cross that bridge if I come to it
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sheraz.butt
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by sheraz.butt » Wed Sep 27, 2017 7:32 pm
As Foggy said you are Insolvent or the fact that you in an Insolvency solution.

It is a tough one - hopefully it doesn't make too much of a difference as you are almost finished in your IVA by the sounds of it and it sounds like you have worked hard to get where you are.

Well done for getting on the board anyway!! Hope it all works out for you.
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Dawndc28
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by Dawndc28 » Thu Sep 28, 2017 5:51 am
sheraz.butt wrote:
As Foggy said you are Insolvent or the fact that you in an Insolvency solution.

It is a tough one - hopefully it doesn't make too much of a difference as you are almost finished in your IVA by the sounds of it and it sounds like you have worked hard to get where you are.

Well done for getting on the board anyway!! Hope it all works out for you.


Yes thank you - i can live with the admission though embarrassed but I will be devastated if it negatively affects my career . I appreciate th replies. I will let you all know the outcome if you are interested
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Foggy
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by Foggy » Thu Sep 28, 2017 6:48 am
We would be interested to hear how things go. I appreciate the embarrassment this could cause, but tink along the lines that you, for various reasosns (pobably not all in your direct control) you got into difficulties (as probably are, at this moment, some of your fellow board members, and a few of the employees). But you took control of the situation and you sorted it out responsibly. I wonder how many might learn from this example.
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Dawndc28
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by Dawndc28 » Thu Sep 28, 2017 7:11 am
Foggy wrote:
We would be interested to hear how things go. I appreciate the embarrassment this could cause, but tink along the lines that you, for various reasosns (pobably not all in your direct control) you got into difficulties (as probably are, at this moment, some of your fellow board members, and a few of the employees). But you took control of the situation and you sorted it out responsibly. I wonder how many might learn from this example.


Yes thank you very much for the encouragement , I got into difficulty 10 years ago due to the nasty man I was married to , it took a lot to get out of that marriage alone knowing I would be left with debt. So I struggled to pay for a year then went into dmp for a couple of years then an IVA , due to working my socks off several pay rises and a couple of bonuses I am no longer in difficulty ( and no longer in the marriage thank the Lord ) , for this I have the IVA to thank for as per the terms I have kept 1/2 my pay rises and more than that of my bonuses they have been completely fair so far. In return they have got 100 % of the debt repaid but not fees / interest yet with 6 months to go they will get some of that. I am guessing the board will be completely ok with this and will forgive my embarrassment ( hoping ) but it's how it affects the insurance for the company which I guess they have no control over. I will let you know how it goes because I haven't seen a question like this come up on the forum so it may be of interest
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Dawndc28
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by Dawndc28 » Thu Sep 28, 2017 7:12 am
Dawndc28 wrote:
Foggy wrote:
We would be interested to hear how things go. I appreciate the embarrassment this could cause, but tink along the lines that you, for various reasosns (pobably not all in your direct control) you got into difficulties (as probably are, at this moment, some of your fellow board members, and a few of the employees). But you took control of the situation and you sorted it out responsibly. I wonder how many might learn from this example.


Yes thank you very much for the encouragement , I got into difficulty 10 years ago due to the nasty man I was married to , it took a lot to get out of that marriage alone knowing I would be left with debt. So I struggled to pay for a year then went into dmp for a couple of years then an IVA , due to working my socks off several pay rises and a couple of bonuses I am no longer in difficulty ( and no longer in the marriage thank the Lord ) , for this I have the IVA to thank for as per the terms I have kept 1/2 my pay rises and more than that of my bonuses they have been completely fair so far. In return they have got 100 % of the debt repaid but not fees / interest yet with 6 months to go they will get some of that. I am guessing the board will be completely ok with this and will forgive my embarrassment ( hoping ) but it's how it affects the insurance for the company which I guess they have no control over. I will let you know how it goes because I haven't seen a question like this come up on the forum so it may be of interest
also I am good at my job so what they gonna do ?
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kallis3
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by kallis3 » Thu Sep 28, 2017 7:51 am
Fingers crossed! I know how I felt when work eventually found out even though it didn't really affect me, it was just embarrassing.
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sheraz.butt
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by sheraz.butt » Thu Sep 28, 2017 8:06 am
Yes definitely let us know how you get on as would be a great help if there is someone else that ends up or is in a similar situation.

Hope it is a complete success story to learn from!! As you said you are good at what you do so would be their loss!!
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Dawndc28
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by Dawndc28 » Thu Sep 28, 2017 8:11 am
kallis3 wrote:
Fingers crossed! I know how I felt when work eventually found out even though it didn't really affect me, it was just embarrassing.


I know I have managed to keep this a private affair between me the creditors the IVA company and yourselves since 2009 !!! I liked it that way feels like pouring salt into healing wounds having to tell people now
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kallis3
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by kallis3 » Thu Sep 28, 2017 8:15 am
Know the feeling! Only our kids knew about ours at the outset.
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sheraz.butt
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by sheraz.butt » Thu Sep 28, 2017 8:28 am
Hopefully it doesn't go any further apart from the piece of paper you are filling out with the questions!!
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Dawndc28
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by Dawndc28 » Tue Oct 17, 2017 7:57 pm
I said I would post an update on the outcome of the situation here. So I was completely honest of course and when asked the question have you ever been insolvent I answered yes , I also gave a brief explanation that this was a decision taken as a solution to a personal debt as a result of an unpleasant marriage breakdown ( seems so long ago now feels odd referring to it and its consequences). Details were required should the answer be yes to this question so again honesty was the best policy if painful admitting ones personal past unpleasant predicament . However I am still on the board of directors ( though not a signatory which is ok as I really don't want that role anyway ) no further questions asked :) so all is well that ends well I guess and I am now not fretting and causing myself sleepless nights
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