Self Employed/ltd company & thinking about IVA - please help

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Wizardswill

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Joined: Fri Dec 23, 2016 7:57 pm

Post by Wizardswill » Fri Apr 05, 2019 5:17 pm
Hello.
I currently have an Iva in my name, started 2.5 yrs ago 3.5 years left.

At the time my husband had debts which we intended to pay off however being self employed the situation worsened.

My husband now has £30k in personal debt ( used to help with the business but not named in the business) he has 10 creditors.

I have looked online for pro’s & cons in regards to having an Iva when self employed/director. He currently has the company as a ltd company- would this have to change to sole trade?
The company does ok at the minute but he is taking £2k a month out as wages to pay the debts but this is then stopping is paying the suppliers on time.
He hasn’t fallen behind on payment however one creditor will issue a ccj in July if we haven’t cleared £7k debt.

Any info would be greatly appreciated

Thanks

Lisa Thomas

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Industry Expert
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Joined: Wed Dec 03, 2014 10:26 am

Post by Lisa Thomas » Mon Apr 08, 2019 8:53 am
He can continue to be a Director of the Ltd Company in an IVA. In bankruptcy he cannot be a Director or involved in the management of the Company whilst he is Bankrupt (usually for one year)

He might be causing the Company to become insolvent by drawing out too much to deal with his personal creditors.

Best to take advice asap.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

Wizardswill

Posts: 6
Joined: Fri Dec 23, 2016 7:57 pm

Post by Wizardswill » Mon Apr 08, 2019 7:43 pm
Thank you for your reply.

I think that is what is happening, he is taking too much of the company to pay personal debt.

I have spoken with mcambridge Duffy today & they happy to propose an Iva for him.
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