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i have got debts of around £40,000 with 4 creditors. i have a public house of which i am the lease holder and licensee and so am classed as self employed but when i filled out the page to find out which route i should take it said to choose bankrupcy. firstly would this affect my business and secondly how much would i need to be able to pay each month to do an IVA instead of bankrupcy.

Hi steve and welcome to the forum

Which page did you fill out? I am not a fan of pages or computer programmes giving advice as to the best option! Human being insolvency practitioners are far better!

You are a self-employed publican with a trading business, and bankruptcy proceedings would certainly affect your ability to continue trading - as you would probably have your liquor licence removed. When you say you only have 4 creditors, are you also including any business debts as well as these would need to be declared.

An IVA is based upon your disposable income and is not made to fit certain figures. I suggest that you have a more in depth chat with an insolvency practitioner with experience of self-empoyed cases - and you will need to meet them on a face to face basis if you are serious about considering an IVA.

I have dealt with many publicans in my career, and the first thing you should do is check the terms of your lease to make sure it does not automatically terminate if you enter into any form of insolvency procedure. If so, you will need to discuss this with the brewery concerned.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

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http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp