How an IVA can help you in your business

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How IVA Can Help You in Your Business
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• SMEs form the backbone of Britain powering our
  economy and driving its growth yet these same
  business owners are the ones that are struggling
  under the stress and strain of debt. One in four
  are suffering from bad debt, while overall
  theyre chasing 14.9bn in late payments.
• As a UK business owner, it pays to take stock of
  your financial circumstances.

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• Assets and debt Making sense of it all
• An asset is any property or resource that has
  value which can be converted into cash. Private
  individuals, companies and public bodies all own
  assets. For an individual, an asset may be a car,
  home or savings account while for a company, an
  asset could be a computer or accounts
  receivable (e.g. money owed to them).

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• How will an IVA affect my business and its
  assets?
• Unlike some other forms of debt solutions, IVAs
  allow for you to continue your business. For
  example, with bankruptcy you may be required to
  sell the tools and assets you own that are needed
  for your business. In the case of an IVA, there
  are numerous benefits for the business owner.

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• An IVA provides special considerations for the
  self-employed
• If youre considering an IVA or any other debt
  solution, you should seek expert independent
  advice before moving forwards. Namely you should
  create a cashflow statement for the coming 12
  months to assess your income and expenditure.
  With this insight into your business, you should
  then have a good understanding of your business
  finances to weigh up against your personal living
  costs.

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• An IVA can allow you to prioritise repayments to
  trade suppliers over your personal creditors
• With an IVA, creditors arent allowed to force
  you to sell assets that are necessary for the
  running of your business, and even if they were,
  it wouldnt be in their interests to do so, as it
  would affect how and even if you could make your
  monthly repayments.

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• An IVA could help you avoid certain legal issues
• Some self-employed entrepreneurs could run into
  trading problems in the event of bankruptcy. One
  relatively common example is where a business
  owner holds a lease which has a no bankrupts
  clause. An IVA would help a business owner in
  this particular example.

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• An IVA could be the most suitable solution for
  those in a business partnership
• In a partnership, each partner is personally
  responsible for the debts of the business.
  Because of this, should either partner go through
  bankruptcy their personal assets will be at risk,
  while the partnership business would also be
  dissolved as a part of the bankruptcy
  proceedings.
• IVAs can be a suitable debt solution for one or
  both partners in a partnership, including for the
  coverage of tax debts.

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• An IVA could help if you own a franchise
• Franchise companies are treated in the same way
  as a traditional, built-from-the-ground-up
  business, meaning that its assets are at risk
  when undergoing bankruptcy proceedings. In this
  instance, once again, an IVA protects both your
  business assets as well as your personal assets.

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• An IVA would allow you to retain your position as
  a director
• As a director of a company if you wish to go
  bankrupt, youll need to resign your position
  first. For the duration of the bankruptcy (e.g.
  six years) you wont be allowed to hold a
  director position, although you can continue in
  an employee position instead.

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Thank You

• National Debt Help
• Beckwith House,
• 1 Wellington Road North,
• Stockport, SK4 1AF
• https//www.national-debt-help.co.uk