Iva

davidgrace

I have been reading Martins advice on iva,s

He stresses that once you have entered into an agreement there are certain jobs you cannot do company director is one of them

However I am currently a managing director of a company, i do not own shares I am an employee and just work for the LTD company as a director, I have no interests in the company it is simply my job

does this mean I would have to give this post up?

k2nga

I believe that it only matters if you are a Director registered at companies house because you have share in the firm. i would say you would be ok but i might be wrong. My advice would be to give National debtline a quick call as they will be able to tell you.

I was a Director when i went BR and resigned. As the share i had only had a value of £1 they were not the least bit interested in it.

Good Luck

Dorothy56

Even as a non shareholding director you will still be registered at Companies House. As far as I understand it, you are no longer able to be a Director - shareholder or otherwise.

Rylynn

That I have to say Dorothy is also my understanding of this. You cannot be a director, company secretary or Company Director. And there are certain jobs you cannot hold down either as a bankrupt, I think these have to do with finance as well as others. Can you not just be a normal employee of this company?

buddy21_2

Is there somewhere I can get more info on what jobs are not acceptable once you are bankrupt? Am concerned about the finance bit (post above) as it may apply to my new job!

Rylynn

Cannot remember where I initially read it Buddy, I work in a finance office but it is not finance based I type letters, ie a PA/Secretary. I think it affects certain people working in banks and the finance industry, ie in shares and bonds. I think your best bet is the National Debt line give them a ring and ask them, they are great people from what every one says on here.

IVAs often sound like an easier way out, but in my case it has not been, and I wish to god I had gone BR in 2005 instead of having to do it now, as it is like having to go through the whole affair twice.

So get some advice as to what is the best thing for you to do, and if it will affect your job etc.

Dorothy56

Here are a couple of links about what bankrupts are not allowed to do:

http://www.insolvency.gov.uk/freedomofinformation/technical/TechnicalManual/Ch25-36/Chapter25/part2/part_2.htm

and

http://www.insolvency.gov.uk/freedomofinformation/technical/TechnicalManual/Ch25-36/Chapter25/part1/part1.htm

worth trundling through it all!!

fermi

davidgrace: Can I just ask whether you are referring to an IVA here or bankruptcy?

You titled this thread "Iva" and were reading the IVA guide and use the phrase "once you have entered into an agreement" , so I read it that you were considering an IVA?

The reason being that in an IVA you can remain a company director.

It is in bankruptcy that you cannot.

buddy21_2

Thanks Dorothy56 - had a quick look and think I will be okay!

Rylynn

Thank you Dorothy, I also think some companies have in contracts that they do not employ undisclosed BRs, so it is worth reading your contract of employment but from reading what you have posted I do not think OP here can remain a director.

shadowdragon

Environment

25.26 Environment Act 1995 - membership of a flood defence committee

An undischarged bankrupt is disqualified from being or becoming a member of a regional or local flood defence committee. URL="http://www.insolvency.gov.uk/freedomofinformation/technical/TechnicalManual/Ch25-36/Chapter25/part2/Part%202%20notes.htm#5"]Note 5[/URL





LOL that made me chuckle. You cant put the sandbags out because your Bankrupt, go get the convicted Killer he can do it. LOLOL