| Author |
 Topic  |
|
|
sue09
Junior Member
175 Posts |
 Posted - 18 March 2008 : 13:48:45
|
hi, we have had an iva in its 3rd year now, but have now got in to more dept mostly with inland revenue, vat and paye, trying to pay the iva and other business bills, as a catch 22 with out paying the other bills we could not run the business, and now we feel the only way is to let inland revenu, vat etc, take us into bankrupcy.
if this happens, what happens ?? |
|
|
Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 18 March 2008 : 13:56:38
|
Hi Sue09,
Welcome to the forum,
Firstly I have a few questions.
Are you a sole trader or Ltd company?
What is your level of debt both within and outside the iva?
Have you any assetts i.e. property?
With the answer to these questions I will be better equiped to advise.
View my Blogs at:
http://HelpfulAdvice.blogs.bankruptcyhelp.org.uk/
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
|
 |
|
|
sue09
Junior Member
175 Posts |
Posted - 18 March 2008 : 14:26:31
|
at the moment we are paying £537.50 each per month which goes up each year, i am not sure what we are in dept for as we are still arguing over figures but it will be about 40 to 50K.
and we have no assetts, other then the stock and furniture in the business,and a car that i payed £2000 for isuzu trooper,
i think that the brewery will claim the stock etc, as we are tennents, also sole traders. |
|
|
|
AlanO
Junior Member
United Kingdom
259 Posts |
Posted - 18 March 2008 : 16:01:37
|
Hi Sue,
Sounds as if you are publicans - if so does the tennancy include your personal dwelling? and if it does you really need to be planning for the future - an expert will be able to review the whole situation for you and work out what is your best option
All the best Alan
www.debtdr.co.uk |
|
|
|
sue09
Junior Member
175 Posts |
Posted - 18 March 2008 : 16:16:57
|
Hi Alan,
yes we are publicans, and as you can guess things have only got worse for us, with the no smoking, and increase in prices ,so we can see no other way out, and the tennancy does include our personal dwelling. i have applied for a normal job, and we are looking for a place to rent.The thing i am worried about is the fact most our dept is to do with vat etc, is it just a normal bankrupcy or could it be worse!! |
|
|
|
Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 18 March 2008 : 16:24:01
|
Hi Sue,
It is a normal Bankruptcy don't worry and with little or no assetts, it sounds like it will be a simple case.
You have tried your best by paying an IVA, but things have not improved therefore the debts of you IVA combined with your revenue debts are overwhelming, this is exactly what Bankruptcy is for.
And you will find the revenue will be ok when you tell them you are going to decalre bankruptcy.
View my Blogs at:
http://HelpfulAdvice.blogs.bankruptcyhelp.org.uk/
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
|
|
|
|
sue09
Junior Member
175 Posts |
Posted - 18 March 2008 : 16:33:46
|
that is a relief.!
should we go ourselves or would it be better if we told the iva company that we can no longer pay the iva so that they take us to bankrupcy. |
|
|
|
AlanO
Junior Member
United Kingdom
259 Posts |
Posted - 18 March 2008 : 16:34:42
|
Hi Sue,
Regretably many are in your position I have dealt with 5 Publican bankruptcies during the winter.
With regard to HM Customs & Revenue they stand alongside the other creditors in bankruptcy - However in some instances they seek to levey distress (Legally grab assets) or go for a CCJ. These actions can all be managed prior to bankruptcy.
As your home will be going as well you will need to plan and structure to ensure that you build the rental deposit for your new place. Can't over emphasise how important it is to get everything lined up and for you to talk to an expert.
All the best alan
www.debtdr.co.uk
|
|
|
|
sue09
Junior Member
175 Posts |
Posted - 18 March 2008 : 16:46:46
|
Yes we need help!, who do you surgest? we are in the south west area,
and i must say, we have been looking for a site like this for years,
i wish we found you earlier, Thank You |
|
|
|
AlanO
Junior Member
United Kingdom
259 Posts |
Posted - 18 March 2008 : 16:56:38
|
Hi Sue,
You have a number of options - I know both Paul & Brett - experts on this site and both very good, or you may wish to consider debtdr who I work with - our site is www.debdtdr.co.uk and I would be pleased to arrange for a free consultation.
All the best Alan
www.debtdr.co.uk |
|
|
|
Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 19 March 2008 : 10:11:47
|
Hi Sue
Sounds like you both need a plan for the way forward. Not just for the debts, but for the home and new jobs.
It is really important to plan carefully and "get your ducks in a row" to minimise the stress an the family.
As Alan says you can always get free advice on the telephone or face to face. Incidentally I live in the southwest so may be convient if you need help
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
|
|
|
Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 19 March 2008 : 10:21:08
|
Hi Sue,
Paul and Alan are very experienced in this area and can be contacted via their relevant web site links.
It is well worth discussing your options with one of them as they can advise and guide you on the steps to take
View my Blogs at:
http://HelpfulAdvice.blogs.bankruptcyhelp.org.uk/
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
|
|
|
|
JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 19 March 2008 : 13:11:41
|
Alan,
Welcome to bankruptcy help. It's great to see another expert posting on the site, but I must remind you that under the rules of the site, you are not allowed to tout for business!
However, keep up the good work!
Regards.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
|
|
| |
Topic |
|
cant afford iva
