Bankruptcy & personal insolvency

What will happen to my trade/building/professional licence/membership?

People considering or subject to a bankruptcy must consider if their professional membership/licensing is impacted.

Usually, bankruptcy will not impact upon a person's right to practice in their profession or generate an income. Some professions impose restrictions on their members if they become bankrupt (including, but not limited to, real estate agents, solicitors and travel agents) and some licensing bodies may impose restrictions on bankrupts (including, but not limited to, building licenses).

Disclaimer

The enclosed information is of necessity a brief overview and it is not intended that readers should rely wholly on the information contained herein. No warranty express or implied is given in respect of the information provided and accordingly no responsibility is taken by Worrells or any member of the firm for any loss resulting from any error or omission contained within this fact sheet.

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