Forum Home» Bankruptcy & Living With It» IVA & DRO

Joint/company bank account with IVA

New Post Advanced Search

Joint/company bank account with IVA

edited 30 November -1 at 1:00AM in IVA & DRO
3 replies 1.3K views
purplepansypurplepansy Forumite
10 posts
edited 30 November -1 at 1:00AM in IVA & DRO
I am self employed and have a business IVA from a previous failed business.

My current business is doing OK, and I am looking at working with a US company in a sort of merger.

One of the things they will want my part of the company to do is to take payments in GBP as this is not something they can do from the US. So basically if the company take an order from the UK, they will send the details to me, and I will process the order.

They might be buying the company from me, in which case the bank account would be theirs, but I will need to be named on it, as I will be doing all the UK accounts.

So will I be able to be named as a partner on a bank account of thiers as I have an IVA and am not able to get a new bank account of my own?

The alternative is that I remain self employed and simply merge as a partner company to the US company, but if this happens, and I run all their payments through my bank account, then I will be libel for all the tax and VAT due on thier account.

Does anyone (if you can understand what the hell I am talking about) know where I would stand here?

TIA

Replies

  • A few tricky questions here!

    Firstly, your business iva is not affected as it is (i presume) under a business name (you... "trading as"), it will be affected only by any increase in your income which may increase your payments at review time.

    Why can't you get a bank a/c of your own? let me know and i'll let you know what to ask for.

    Being named on a new a/c may be tricky if they need overdraft facilities - but can you not just pay money into theirs? and keep your banking seperate?
  • Hi, thanks for replying to me.

    As I am a sole trader, the IVA is in my name even though it is a business IVA, so I think my credit and my ability got get a new bank is afected the same as if it was a personal IVA.

    I have applied for a bank account, even a very basic one, and been turned down. I have got a business bank account which I had to set up before the IVA, but I didn't know I couldn't get a personal one either, so at the moment I have a building society book and have to go to the counter for my money!! I have a joint account with my husband too though so I do still have a debit card.

    In terms of the proposition with my company, the company involved are based in the US and are therefore not able to process payments in pounds, and so they are particularly interested in merging with me or buying me out so that they have an office in the UK where Stirling orders can be processed.

    As I will be running the UK office, I will need to be able to administer the bank account, and am sure I will need to be named on the account as I will need to pay for some things, and also to transfer money to the main branch.

    The IVA is not part of my new business, and I really don't want to have to bring it up in case it negatively affects the outcome of all this.

    Sorry its a bit complicated! Hope you can advise!

    Also if you know how I can get a bank account I am all ears! Thanks!!

    PP x
  • Re bank account:
    depending who you owe money to the ones to go for are below, but make sure you ask for the accounts specifically,

    (don't apply to one you have a debt with)


    natwest - ask for "step" account
    halifax - "easycash"
    co-op - "cashminder"
    yorkshire - "readycash"

    none will give you an overdraft - so no credit check, but all will give you direct debit/standing order facilities and a debit card

    co-op is best if you can find a branch, alternatively phone them and apply that way.

    http://www.co-operativebank.co.uk/servlet/Satellite/1193206368743,CFSweb/Page/Bank-CurrentAccounts
This discussion has been closed.

Quick links

Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support