Do I need to declare I am in an IVA???

[Jojoey]

I have been offered a new position in my firm and I am undertaking the paperwork reuired to start my new job.

I have to answer a couple of 'fit and proper' questions -

Financial integrity and reliability

In the last ten years have you made any compromise arrangement with your creditors or otherwise failed to satisfy creditors in full?
Yes
No

Have you ever been declared bankrupt or been the subject of a bankruptcy court order in the United Kingdom, Republic of Ireland or elsewhere, or has a bankruptcy petition ever been served on you?
Yes
No

Have you ever signed a trust deed for a creditor, made an assignment for the benefit of creditors, or made any arrangements for the payment of a composition to creditors?
Yes
No

Bearing in mind I am 1 year into my IVA what should I answer??

All advice welcomed

[Broke of London]

Hi, you will need to declare the IVA.

I'm not sure whether it is a yes to question 1 or 3 or both.

Hopefully one of the professionals will be along to advise.

You might benefit from speaking to HR or your manager before handing in the form so you can chat through your situation as the form doesn't leave much room for nuances.

[Skippy]

I would think it would be yes to 1 and 3, and no to 2, but hopefully one of the experts will be able to confirm.

[Shining]

I would agree with Skippy but again I'm sure a professional will be along soon to confirm. x

[Jojoey]

Any professional advice???

[Shining]

I think someone will be around later or tomorrow Jojoey.

[kallis3]

I agree that it will probably be yes to 1 and 3 and no to 2.

[MelanieGiles]

As an IVA is a composition with creditors, you will have to declare it I am afraid.

[Jojoey]

The issue I have is that I have been offered the job subject to the screenings. It's an accountancy firm and acording to the The Institute of Chartered Accountants in England & Wales (ICAEW), as the largest regulator of licensed Insolvency Practitioners and Accountants in the UK states that IVAs have some clear attractions for debtors compared to bankruptcy. They carry less stigma than bankruptcy, for example, and do not affect the individual’s ability to work as an accountant, barrister or solicitor. I'm not even an accountant, but am support staff in an accounting firm.

Well honesty is the best policy and all that - I have answred the questions truthfully and accurately - I'll keep you posted on what happens.

Thanks for all your advice.

[liamjames]

I'm glad you answered honestly Jojoey - it could have caused all kinds of trouble if they had found out later down the line. Best of luck!

[Broke of London]

Hi, this would be a standard part of the recruitment process but may not influence their decision as you are support rather than an accountant. Good luck and let us know how you get on. X

[kallis3]

Good luck Jojoey, hope the job goes ok.

[Skippy]

Good luck with the job, let us know how you get on x

[MelanieGiles]

I run a Chartered Accountancy practice, and I would have no hesitation in employing someone who was in an IVA or had been bankrupt if they were the right person for the job. In fact in our line, it could be a distinct advantage!

[Jojoey]

I think i am stuffed....I just found this in the employment manual....

Gross misconduct
Matters which are normally considered to be grossmisconduct include, but are not limited to:

- actions leading to *COMPANY* or its partners being censured by a professional institute or regulatory body; insider dealing market abuse; breach of the Financial Services Authority's rules; becoming bankrupt or compounding with creditors; indecent/immoral actions and actions likely to bring *COMPANY* into public disrepute;

*I have changed the real company name for confidentiality reasons