Becoming a Director post IVA Completion

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MrsR
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by MrsR » Sun Apr 09, 2017 8:40 am
Hi All,

Long time no post - hope you are well :)

Our IVA completed a few years ago now, and the IVA is due to drop off the credit reports in February 2018.

I have an opportunity to become a sub contractor and set up my own business, but they'd like me to have a limited company in order to work with them.

Would I be able to set up a private limited company with either my husband or I as director yet, or best to get someone else to be director in the interim?

Many thanks

MrsR
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Foggy
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by Foggy » Sun Apr 09, 2017 8:50 am
Hi. You are no longer in an IVA so can become a director. There is no bar to you becoming a director even during the IVA, though most standard articles would need to be amended by a resolution of the Board.
There are, however, the effects of the IVA still lurking on your credit files and, should the company wish to raise capital then it is usual for the principal directors to be credit checked and, possibly, give a personal guarantee. So this needs to be borne in mind.
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