Lease a business sponsored by parents while in IVA. Possible?

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jody125
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by jody125 » Mon Jan 15, 2018 5:05 pm
I am currently coming to the end of my second year in an Iva. I now have the chance to lease a business which my parents have offered to lend the money to buy the lease. Will this be possible for me to do whilst on an IVA?
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Foggy
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by Foggy » Mon Jan 15, 2018 5:52 pm
I would imagine everything would have to be in their name --- otherwise you are acquiring an asset that the creditors might then want to see realised to pay towards your debts. Also your ability to run a business will be hampered by your lack of credit worthiness and you would have to deal with suppliers on a cash with order basis. Additionally cash flow with a new business can sometimes be problematic .... would you still be able to service the IVA ?
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