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jjjjw
Starting Member
2 Posts |
 Posted - 26 January 2011 : 07:33:46
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Hi-my wife and I are both on IVA's and are 20 months into a 5-year agreement.
Although our business is always busy we don't seem to have enough money still to meet all demands and have fallen behind with business rent/mortgage payments(we are only paying interest on the mortgage)-also owe money to suppliers.
We don't envisage bankruptcy just yet bit it may happen later in the year.
My question is-if we went bankrupt would we keep our business?
we are a partnership and as stated always have plenty of business.
Thanks
Jeff |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 26 January 2011 : 09:37:29
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Hi Jeff,
Not sure about the answer but if you are having problems or envisage problems with your IVA then your IP should be the first port of call to see if you can sort it out.
You've gone a decent way into it now and it would be a shame for it to fail now.
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
Jan
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 26 January 2011 : 13:25:13
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Hi Jeff
IP should be first point of call. try and renogotiate reduced repayments
yes it can be done but needs to be carefully planned.
also depends on structure of debts between you and partner, do you both need to go BR ?
Speak to your IP in first instance then speak to one of the experts on this forum, an IVA is a good solution for some people. bankruptcy is the right solution for others but they are not the only solutions !
regards Richard |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 26 January 2011 : 22:31:09
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I would agree that you should first speak to the IP to discuss reviewing the IVA repayments. It may mean lower repayments but a longer period to repay the IVA.
If however you continue to fall behind on the basics - rent / rates / PAYE / VAT etc then you should at least explore all your options as if you leave it too late you may not have as much time as you would like to prepare for alternatives.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
08454 751 851
Real People ..... Real Debt Solutions |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 27 January 2011 : 14:18:58
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Hi Jeff,
although you don't envisage it until later, and if bankruptcy does become an option, then as a partnership it would be no use both of you declaring yourself bankrupt, as any partnership assets couldn't be dealt with, instead you'd have to do a form 16 partnership order, which would deal with you as individuals, but also dissolve the partnership.
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
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If we went bankrupt would we keep our business ?
