Would an iva be the answer

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pfg

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Post by pfg » Fri Sep 07, 2007 7:40 pm
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I run my own Ltd company and unfortunately for the past three months has made huge losses I now owe approx £20,000 and I am currently o/drawn by £6,000 I am terrified at losing our home and I have just been going round in circles I have even tried getting employment as well as running the company but I am now struggling. Would an iva be the answer or does that mean i lose the company and my home? Please help.
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BECKY

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Post by BECKY » Fri Sep 07, 2007 7:46 pm
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Im a sole trader so may be different for me , but Im still running my business with an iva. One of the experts will be able to help more but i'm sure an iva wont force the selling of your business
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Adam Davies

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Post by Adam Davies » Fri Sep 07, 2007 9:07 pm
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Hi
You can run a limited company and enter into an IVA.
Speak with a company that post on this site and discuss your options.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Andam Davies
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catullus

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Post by catullus » Sat Sep 08, 2007 9:46 am
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Hell pfg

The starting point here is to decide on the future of your company. Is it likely that it's performance can be turned around and will you have the recourses (cash, time, credit)to acheive this.It is really important that you take a hard nosed view on this and not an emotional one, or one that is driven by the assumption that you have't got any other choices.

If you really think that you can do this put your heart and soul in to doing it and pray that you get a few breaks.

If you conclude that you won't be able to acheive this then take advice from an IP as to the most appropriate method of shutting the company down.

If and when you have to do this you'll then know how it has affected your personal debt position and can then concentrate on that, securing employment and then considering whether you need a personal debt solution to sort yourself out.

Best of luck.
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MelanieGiles

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Post by MelanieGiles » Sat Sep 08, 2007 10:02 am
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Can you tell us a little more about why the company has just suffered losses over the last three months. What sort of business are you in?

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

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp
Regards, Melanie Giles, Insolvency Practitioner
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