Personal IVA and company insolvency during Tier-1 Entrepreneur extension application under process

[santhoshmedia]

Hi,
I have applied for Tier 1 entrepreneur extension (team) application on 20th May 2017 and still awaiting for a decision.

Meanwhile the business is not doing good and being advised to go for insolvency by financial advisors and also personal IVA as personal debits also soared up.

Need advise whether going for company insolvency and/or personal IVA when the extension application is under process with HomeOffice have any impact on the current extension application outcome or any future ILR applicaion.

[marcnath]

What are your plans once the process is completed ?

[zimba]

You must be a director of an actively trading company. Insolvency might get you even disqualified which prevents you from running a business or becoming a director in future.

[Faheemryk]

I'd suggest you to ... try to save this business.
do not let it go insolvent, if possible, inject more capital.
try to reduce expenses. generate more sales revenue... and try to save it .

[PeterLove2008]

Any suggestion for insolvency is based on financial and business point of view, and it is right. But what is more important for you? You have to choose "being a director of an active company" and "stop loosing money". I would suggest you:
1. think of all you can do to reduce cost. change to smaller office or even to use a VO; cut employments to minimum; etc.
2. you as the owner of the business must be multi tasked at the critical period of time
3. keep the company active, and seek other income stream if the current business is not working well.

[abo1]

hi, sorry that the business is going the other way, but there is nothing disturbing you to diversify and try something new. that will not involve much cost centre. Like other have said, you can try to work from home if you business permit. That will save you a lot of cost of renting or leasing an office.

[nish_patel7]

Buisness wise I wouldnt advise you to go insolvent but I think you can file your personal insolvency, it has nothing to do with immigration laws as far as I know but gurus can give you the better advise.

[CR001]

Buisness wise I wouldnt advise you to go insolvent but I think you can file your personal insolvency, it has nothing to do with immigration laws as far as I know but gurus can give you the better advise.

Personal insolvency can result in a ban and disqualification from being a director of a company for a number of years, which in turn will affect a Tier 1 Ent migrant.

[natsha]

Think about your lifestyle after settle, Long-term happy days, Mostly business nowadays struggling and not good in shape, so just try to get a loan with friend and family save your company controls your expense, you can add someone in your business as a partner, be strong and not give up.