How to start with an IVA? As I have no way of paying my debts.

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amanda719
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Joined: Mon Jun 12, 2017 3:13 pm
by amanda719 » Mon Jun 12, 2017 3:13 pm
I have a commercial lease until 2020 which has no break clause. I am in arrears with rent and also business rates. The business no longer trades. I need to know how to start with an iva as I have no way of paying these debts.
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kallis3
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Joined: Mon Mar 17, 2008 4:02 pm
by kallis3 » Mon Jun 12, 2017 3:23 pm
Hi,

I suggest you have a word with a couple of companies about this - you may need some legal advice.
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Lisa Thomas
Industry Expert
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Joined: Wed Dec 03, 2014 10:26 am
by Lisa Thomas » Mon Jun 12, 2017 3:36 pm
I presume you were a sole trader and the lease is in your personal name?

Have you tried negotiations with the landlord?

The best way to get advice is via a meeting with a local Insolvency Practitioner to go through your financial circumstances to be able to advise what is the best thing for you, which could include Bankruptcy.

In order to advise we need to know things like:

[list=]What are your total debts
What is your net income (excluding payments to creditors)
What assets do you have and how much are they worth
Are you/do you need to be a Director?
Does your contract of employment prevent certain insolvency like Bankruptcy?
Do you have any third party monies that could fund a lump sum settlement, either directly or via an IVA (this does not need to be the total sum)
[/list]

You might also find my quick videos useful as a brief starting point:

https://www.youtube.com/watch?v=TgalT1vhn6M&t=9s

https://www.youtube.com/watch?v=mAkQsVSCnqo

https://www.youtube.com/watch?v=zrQruCDiw5w
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Michael Peoples
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Joined: Mon Nov 03, 2008 12:36 pm
by Michael Peoples » Tue Jun 13, 2017 8:00 am
Any IVA would deal with the liability to the lease so that can be resolved. If you have an income or assets to sell which could fund an offer to creditors then you may be able to make an offer to creditors. Make sure and speak with a firm experienced in the matters of the self employed as there are other issues which need addressing.
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