will my shares be sold if i enter into an iva?

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cruising

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Post by cruising » Wed Feb 06, 2008 6:08 pm
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i am a shareholder in a family company. will my shares be sold or taken off me if i enter into an iva?
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ianmillington

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Post by ianmillington » Wed Feb 06, 2008 6:19 pm
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Are they actually worth anything on the open market, given it's a family company? Likely as not you'd be able to specifically exclude them, assuming they're not worth much to a 3rd party.

Are you a director of the company as well? If so check the articles of the company don't require you to be removed on approval of the IVA. Easy to fix by special resolution.

Ian
Ian Millington
Insolvency Director
PDHL Ltd (formerly Personal Debt Helpline Ltd)
www.pdhl.co.uk
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rickyg33

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Post by rickyg33 » Wed Feb 06, 2008 7:54 pm
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do shares in general get affected in an IVA......and what about pensions?
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Adam Davies

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Post by Adam Davies » Wed Feb 06, 2008 8:33 pm
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Hi
You will have to declare any assets in an IVA,so this would include shares.Your IP will decide if these are of any value and if they are to be sold.
Pension contributions vary from IVA to IVA.Some allow for continued contributions and some want you to stop paying in for the duration of your IVA.
If you are drawing a pension then this would form part of your income in an IVA.
Regards
Andam Davies
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