Posted: Mon Apr 23, 2007 10:40 pm
I have a 24% share in a small business that is also my employer and sole income source. (I'm a director) Going through difficult times, combined with over stretched personal credit means I need to enter into an IVA but I'm unclear how my 24% will be viewed by the IP, and how the business in general will be affected. Will the shares be treated as an asset?
One of my personal creditors is the HSBC who are also the bankers with the company. The company has over draft facilities which of course I don't want them to withdraw when they get wind of my personal situation. The o/d facility is secured by Director's Guarantess (including from myself) which could be viewed as useless if I am personally insolvent.
The business is healthy enough as it stands, but just can't afford to pay me enough to get out of my personal debt situation.
What can you adsvise in this circumstance? Is it possible the business can remain untouched and totally seperate from my persoinal financial situation?
One of my personal creditors is the HSBC who are also the bankers with the company. The company has over draft facilities which of course I don't want them to withdraw when they get wind of my personal situation. The o/d facility is secured by Director's Guarantess (including from myself) which could be viewed as useless if I am personally insolvent.
The business is healthy enough as it stands, but just can't afford to pay me enough to get out of my personal debt situation.
What can you adsvise in this circumstance? Is it possible the business can remain untouched and totally seperate from my persoinal financial situation?