So I was in an IVA which completed in June 2013. Im now in a position at work where I am potentially being offered a board position. As is always the case with those of us with IVA’s in our past that sense of dread is building up around whether my previous IVA will get in the way.
A couple of questions that I would really appreciate an answer and some guidance on.
1. When you complete your IVA and are off the insolvency register, does that mean you are no longer technically or legally defined as being insolvent?
2. The articles of association seem to be the standard ones I’ve seen:
Termination of director’s appointment
18.A person ceases to be a director as soon as—
(a) that person ceases to be a director by virtue of any provision of the Companies Act 2006 or is prohibited from being a director by law;
(b) a bankruptcy order is made against that person;
(c) a composition is made with that person’s creditors generally in satisfaction of that person’s debts;
Does the above apply to me based on an IVA which is now nearly 9 years old. Fully discharged?
Also point (c) is that in reference to an IVA or bankruptcy?
As soon as you have completed and are off the register you are no longer insolvent.
You can truthfully say you have never been bankrupt. If you are asked if you are in an IVA you can state no, but if asked if you have ever been in one then you have to say yes.
I imagine C would refer to either an IVA or a debt management plan.
I am sure Foggy will be along to assist further.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
The present tense on these articles is the key, as Mr.M says: They relate to the 'now', not what was in the past.
As for 'a composition being made' --- that is so woolly as to be useless. Yes, it covers an IVA. It also covers most other methods of paying off a debt other that the originally agreed terms. But, again, this relates to the 'now', not the 'then'.
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