careers you are banned from after going bankrupt

hellohowareyou

i declared bankruptcy while living in the USA in 2001. even though it was in a different country, i find a lot of professional society's in the UK (ACA, AAT, CII, ect) all require you to disclose whether you went bankrupt in the past. i take it that i must disclose my BK even though it was not in the UK. which careers have i now been barred from due to my bankruptcy, and am i allowed to start my own company up here in the UK if i cannot find decent paying employment?

skylight

Those accounting bodies will not necessarily barr you from joining them as a BR.

They will ask you to make your position clear and detail the reasons for your BR in the first place before they make a decision on a person by person basis. There is no one "rule" that barrs BRs for them. It's basically a check that fits in with their code of conduct principles.

DoshDolt

hellohowareyou wrote: »

i declared bankruptcy while living in the USA in 2001. even though it was in a different country, i find a lot of professional society's in the UK (ACA, AAT, CII, ect) all require you to disclose whether you went bankrupt in the past. i take it that i must disclose my BK even though it was not in the UK. which careers have i now been barred from due to my bankruptcy, and am i allowed to start my own company up here in the UK if i cannot find decent paying employment?

Hi hellohowareyou,

Here is a list of occupations you are not allowed to hold in Scotland, I would imagine that it is the same in England and Wales - someone else might confirm for you??

(Note: Sequestered is the Scottish term for BR)


When a client is sequestrated s/he cannot:-

• be a company director, unless the court gives permission for this. The trustee will only allow the continuation of an existing business if it will benefit creditors
• be an estate agent. A sequestrated person can only be involved in any estate agency work as an employee of another person and s/he must not be involved in managing or letting property, surveying or evaluation
• act as a solicitor or work as an accountant. This is because of the rules regulating these professions. For example, sequestration automatically suspends the practising certificate of a solicitor, (although s/he can apply to the Law Society for the suspension to be lifted). Clients needing more information should contact the relevant professional body
• be a local councillor
• be a Member of Parliament in Westminster (MP) or the Scottish Parliament (MSP)
• be a Justice of the Peace
• be involved in running a charity
• have a continuing power of attorney over someone else's financial affairs
• be an Approved Money Adviser under the Debt Arrangement Scheme.

Hope this helps.

All the best,

DD

Mr.Mulla

DoshDolt wrote: »

Hi hellohowareyou,

Here is a list of occupations you are not allowed to hold in Scotland, I would imagine that it is the same in England and Wales - someone else might confirm for you??

When a client is sequestrated s/he cannot:-

• be a company director, unless the court gives permission for this. The trustee will only allow the continuation of an existing business if it will benefit creditors
• be an estate agent. A sequestrated person can only be involved in any estate agency work as an employee of another person and s/he must not be involved in managing or letting property, surveying or evaluation
• act as a solicitor or work as an accountant. This is because of the rules regulating these professions. For example, sequestration automatically suspends the practising certificate of a solicitor, (although s/he can apply to the Law Society for the suspension to be lifted). Clients needing more information should contact the relevant professional body
• be a local councillor
• be a Member of Parliament in Westminster (MP) or the Scottish Parliament (MSP)
• be a Justice of the Peace
• be involved in running a charity
• have a continuing power of attorney over someone else's financial affairs
• be an Approved Money Adviser under the Debt Arrangement Scheme.

Hope this helps.

All the best,

DD

Forgive my ignorance but I didn't know this before reading it here. I just hasn't thought about it before. Thanks a lot for posting this DoshDolt. :T

I didn't realize that there is a career setback because of having to file for a BK.