Is anyone else an accountant and in an IVA?

kst101

I started my IVA in March and am an accountant although not working in practice at the moment. Before starting the IVA I spoke with someone from my institute (icaew) who said as long as I kept them informed I wouldn't have my membership revoked, which would happen if I were to go bankrupt.

I therefore let them now but received a letter stating I was going to be investigated and subject to discliplinary action. I have replied to everything I have been asked and the matter is going to be presented soon.

I obviously hope I am allowed to remain a member but was wondering if anyone else has had experience of this.

spaceman5

kst101 wrote: »

I started my IVA in March and am an accountant although not working in practice at the moment. Before starting the IVA I spoke with someone from my institute (icaew) who said as long as I kept them informed I wouldn't have my membership revoked, which would happen if I were to go bankrupt.

I therefore let them now but received a letter stating I was going to be investigated and subject to discliplinary action. I have replied to everything I have been asked and the matter is going to be presented soon.

I obviously hope I am allowed to remain a member but was wondering if anyone else has had experience of this.

remind me not to come to you for financial advice:rotfl::rotfl::rotfl::rotfl::rotfl:

EDIT: only joking before i get flamed

kst101

Well obviously not. And I can see you are joking but sadly not a joke to me.

Anyone with any actual experience of this?

spaceman5

kst101 wrote: »

Well obviously not. And I can see you are joking but sadly not a joke to me.

Anyone with any actual experience of this?

i do apologise if i caused offence

kst101

It's OK - I'm not offended and can fully see the irony At least I'm not an insolvency practioner:rotfl:

Would love it if someone has been through this and come out the other side though.

devonshire

If you in an IVA you don't have to tell your employer even if you are a chartered accountant.

The only time you have to tell them is if you are to made bankrupt, please see this
Quick Guide on Professional rules on going bankrupt or choosing an IVA

• Employment - Barrister: Can not act whilst bankrupt so an IVA is preferable
• Employment - Chartered Accountant: Can not act whilst bankrupt so an IVA is preferable
• Employment - Member of Parliament (MP): Can not act whilst bankrupt so an IVA is preferable
• Employment - Local Authority official: Can not act whilst bankrupt so an IVA is preferable
• Employment - Justice Of The Peace (JP): Can not act whilst bankrupt so an IVA is preferable
• Employment - Police or Armed Forces: Bankruptcy can severely hinder their career and promotion prospects so an IVA is the better option
• Employment - FSA registered: Most jobs in the financial sector can become untenable if you are declared bankrupt so an IVA is preferable

so why are they taking action against you?

I've been in my iva for a year and it is tough but it will be so worth it at the end, there is light at the end of the tunnel!!

good luck x

kst101

Thanks for that - so it seems like doing the "right" thing of telling them may not have been right. or at least unnecessary.

I had to give any extra information I wanted to by 11th May and haven't heard anything yet so will wait and see. Am hoping they will just rap my knuckles so to speak.

marclandsman

This may be a bit late, but the 'usual' response is that the ICAEW fine you for going into an IVA. The amounts I've seen over the years have been between about £275 ish and £500 ish. I've never seen a name published, and I have a feeling that they give you time to pay. This can probably be confirmed with Milton Keynes (their main office).

From experience, I have been asked for copies of IVA reports (including annual) by them for some of 'my' IVA debtors .

If, on the other hand, you didn't tell them you can imagine the weight with which they'd come down on you!
Marc

kst101

Just to update this - I heard from the Institute earlier on this week and I will have to pay their costs of £274, but in two monthly installments when the IVA has been completed.

I am glad there was nothing more serious and that my membership hasn't been affected.

Many thanks for the support here