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What is a joint IVA?

IVA stands for individual voluntary arrangement, meaning that the arrangement relates to just one individual, but you and your partner can do separate individual IVAs.

These can become ‘interlocking’ IVAs, allowing you to make one joint payment between the two of you.

Worried about your Bounce Back Loan?

If you are worried about how you are going to repay your Bounce Back Loan, we’re here to help you! There are many people who will find themselves in a financial struggle after taking up the option of a Bounce Back Loan. Here at Business Helpline,  We can discuss all of your options and help you plan for a better future.
Call our team today on 0800 088 2142.

What is an Interlocking IVA?

You can’t get an IVA in joint names. But if the best solution for both you and your partner is an IVA, you can each set up an IVA

These can be linked or ‘interlocking’ IVAs where they’re administered together and you make one joint payment between you. This helps to ensure that the contribution each person is making to their IVA is affordable, taking into account the amount both of you are paying into the household.

Can I get a joint IVA in Marriage?

As noted, IVAs are only for the individual. There is the possibility of ‘interlocking’ IVAs but the idea of a joint-IVA is simply not true.

Will an IVA affect my partner's income?

Your partner is not expected to make payments towards your IVA, even if you are living together.

However, your IP and your creditors might expect your partner to contribute to weekly or monthly living costs if they are living in the same household and working in a job. That way, you can make your IVA payments more comfortably.

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If you are unsure whether refinancing this pathway will be right for you, don’t hesitate in contacting us.

Call one of our compassionate experts at 0800 088 2142.

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Are you eligible to claim Director Redundancy?

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Winding Up FAQs

What is the difference between a compulsory winding up order and a non-compulsory?

Companies can be legally forced to wind up by a court order. In these cases, the company is told to appoint a liquidator who can manage the sale of assets and the distribution of the proceeds to creditors.

Court orders are often triggered by a legal suit that is brought in by the company’s director. They are usually the first to realise that a company is insolvent because their bills have remained unpaid. Other cases show that winding-up is the final solution for a bankruptcy proceeding, with creditors trying to regain money owed from the company. However, a company may not have enough assets to satisfy all of its debtors completely, so creditors could face a financial loss.

Who manages the winding up process?

An official receiver (OR) will be appointed at the court hearing. The OR will manage and administrate the initial stages of the process. A liquidator could also be appointed if it is deemed appropriate by the OR or enough of the relevant creditors.

Who will be paid first?

The first priority will be the liquidator. After that, any secured or preferential creditors will be sorted out before moving to unsecured creditors. In a ranking list, with top being the most important and bottom being the least, it would look like this:

▪️ Liquidator
▪️ Secured creditors (bank departure) and preferential creditors (employee pay such as the Redundancy Payments Service)
▪️ Unsecured creditors (supplier to the insolvent company)

Where can I find advice about winding up?

We can provide you with good, legal advice on your business options for whatever challenging situation that you find yourself in. If you come to us, we can help you to put your house in order and set you on the straight and narrow path to some level of stability. You can also find advice from your local Citizens Advice Bureau, solicitors, and qualified accountants.

How do I protect myself from personal liability if my company is wound up?

If directors knowingly traded when their company was insolvent, they could become personally liable for the debts that have been taken up by the company from the time that they knew they were insolvent.

You must ensure that all board and management actions have been carefully followed and the assets of the business have not been eradicated. This must be done during the early stages of insolvency.

It is also vital to keep management accounts, company books and bank statements up-to-date, available and protected. Be efficient. Don’t delay in getting help. Get in touch with us if you feel like you need to get some help on your financial situation and what to do next.

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