restaurant owner would like to apply for an iva

[Viki.W]

I am a self employed restaurant owner, sole trader. I made a loss last year but am projected to make a profit this coming year due to changes in business, cost cuts etc. After research I would like to apply for an iva. When applying, will they only look at last years accounts or will they take into consideration my projected income. My accountant is not chartered and my accounts are not audited. Please help.

[Adam Davies]

Hi
They will look at your projected accounts.
You need to meet with an IP and discuss your situation at lengh.
Where abouts are you ?
Regards

[carlmcmullen]

Part the SIP 3 requirements are the we meet all Self employed IVA applicants to discuss there own circumstances. As andy asked, were abouts are you in the county - some IP's will travel to see you or maybe meet somewhere inbetween.

You would have to show last years accounts regardless of the loss and the IP who would represent would need the cashflow forecast and an explantion as to what has changed to put you from a loss last year to a projected profit this year.

If they are happy with the explantion i cant see why an IVA would not work.

Are the Inland Revenue a creditor ?

[Scrooge]

Carl - we are self employed (also catering) and have been in our IVA for almost 2 years but we never had a face to face meeting with anyone when the IVA was set up - should we have done?? It was never mentioned at the time.

[ianmillington]

It was a SIP 3 requirement in that a meeting "should" have taken place. That was relaxed in April 2007 for everyone but the self-employed.

If your IVA is going OK I shouldn't worry too much.

However, for restaurants, bars, pubs etc you need to watch the Licensing issues. On the approval of an IVA for a premises licence holder, the licence lapses 7 days thereafter. It won't affect a personal licence, however. So, if anyone holding a premises license needs to do an IVA, the licence needs to be transferred first, otherwise continued trading is an offence.

[MelanieGiles]

It seems really strange to me that someone with a trading business would have used an IP to represent them who they had never met, but I suppose so long as your IVA is working out for you that is the main thing.

I am glad that the newly designed SIP 3 makes it clear that face to face meeting should take place, as in my experience of dealing with a large proportion of trading business based IVAs they do require more ongoing support than a more simpler consumer based case.

[Scrooge]

At the time of setting up the IVA Melanie, it was all new to us of course...we had no idea of what should or could take place. My husband did go to see one company based in Plymouth but they only suggested bankruptcy so we had to look further afield. We are now with Clear Start and as far as I am aware no meeting was ever offered to us (my husband dealt with everything.)
The thing is, the IVA is not going well (at present we have been granted a 3 month payment break).
Hindsight being a wonderful thing, and having since found this forum and now in possession of far greater knowledge re IVAs etc I wish we had pushed for a meeting. Especially as I had little or no imput into the whole affair.

[Scrooge]

Ian, as far as I am aware, no mention was ever made with regards to having a license? Fortunately we gave ours up anyway a few years back anyway.

[MelanieGiles]

I think that Ian is referring to a licence to supply liquor - which perhaps refers to the original poster rather than yourself, Scrooge.

[Viki.W]

Hey there,

I am in Liverpool. Sorry took so long to reply, computer on the blink! Regards.

Hi
They will look at your projected accounts.
You need to meet with an IP and discuss your situation at lengh.
Where abouts are you ?
Regards