Bankruptcy

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01 Feb 2013

Licensing and Associations - how members are affected in bankruptcy

READ TIME

1 min

The Bankruptcy Act does not generally impose any restrictions or conditions on employment in any profession, however, various state and national associations / governing bodies do provide certain restrictions. This applies to both bankrupts and a person who has entered into a Personal Insolvency Agreement.

The Insolvency and Trustee Service Australia (ITSA) has compiled a schedule to alert people to the potential trades and professional memberships that are affected in these circumstances.

On a general basis state governments administer legislation that governs eligibility rules for trades such as plumbers, builders, second hand dealers etc. While national or state based professional associations / statutory boards govern such professions as accountants, lawyers, barristers and the like.

The schedule is to assist and alert people to which statutory bodies may have such restrictions. It does not mean that employment or operation in those field is voided on the event of bankruptcy, it simply assists in pointing users in the right direction and is not an exhaustive list.

The list is available via this link and is a good reference in assisting your clients.

We commend ITSA in undertaking such an initiative.

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