Should I disclose bankruptcy?

dojoman

JohnCarter001 wrote: »

I think you don't need to disclose bankruptcy unless you have been with bankruptcy verbally or with contract,

What does this mean????

Tixy

polly9 wrote: »

I disclosed my bankruptcy to the AAT and was accepted for student membership, my question relates to future employers.

If you work for an accountancy firm you will be required to complete a 'fit & proper'/financial integrity form, both on joining and then annually.
These will include a question on bankruptcy.
E.g.

Have you been the subject of a bankruptcy order by a court in the United Kingdom or elsewhere or has a bankruptcy petition ever been served on you?
If so, give particulars below.

I would definitely declare it when offered a job, as they will find out once you complete that form anyway.

Beenie

Aren't people preparing, checking and/or advising on accounts meant to be of the utmost financial probity?

If a person gets into a tizz with their own finances, how can they expect to be taken seriously when checking other people's? I wouldn't want a bankrupt within 100 miles of my accounts.

GazHatesBanks

Beenie wrote: »

Aren't people preparing, checking and/or advising on accounts meant to be of the utmost financial probity?

If a person gets into a tizz with their own finances, how can they expect to be taken seriously when checking other people's? I wouldn't want a bankrupt within 100 miles of my accounts.

Well thank goodness that most employers are rather more tolerant than you then! Since declaring bankruptcy I have worked for 5 companies on a part-time self employed basis:

2 have openly appreciated the fact and were happy to employ someone who was (ex) bankrupt as they'd be more likely to see the danger signs (if any were to appear) - although to be fair my BR was due to a (different) failed business;

2 weren't concerned and actually felt that someone in a shed load of debt would probably be more risky (higher motive for undesirable behaviour) - although 1 wouldn't have employed me if I hadn't been up front about the BR;

1 didn't ask and no information was volunteered

Overall it's probably best to be up front with potential employers (especially if the bankruptcy is recent), but a distant BR should not really matter too much unless you're looking at working within the financial or legal industries who are not forgiving with financial difficulties.

lazer

Beenie wrote: »

Aren't people preparing, checking and/or advising on accounts meant to be of the utmost financial probity?

If a person gets into a tizz with their own finances, how can they expect to be taken seriously when checking other people's? I wouldn't want a bankrupt within 100 miles of my accounts.

A chartered accountant cannot be declared bankrupt - anyone that is a chartered accountant will be automatically expelled from membership if they are declared bankrupt. (At least this is the case with the ICAEW, and the ICAI).
I am not sure if you can apply to be a CA if you have previously been bankrupt - but I don't think you can.


The OP is a Accounting Technician - not an actual accountant, so same rules maybe don't apply.


Although if I owned an accountancy practice I would not employ anyone that had been declared bankrupt, it would not be good for the reputation of the firm overall, so OP, you may find it difficult to get a job in the Accountancy field.


I would definitely declare it in any job applications, or at least when offered a job.

lazer

GazHatesBanks wrote: »

Well thank goodness that most employers are rather more tolerant than you then! Since declaring bankruptcy I have worked for 5 companies on a part-time self employed basis:

2 have openly appreciated the fact and were happy to employ someone who was (ex) bankrupt as they'd be more likely to see the danger signs (if any were to appear) - although to be fair my BR was due to a (different) failed business;

2 weren't concerned and actually felt that someone in a shed load of debt would probably be more risky (higher motive for undesirable behaviour) - although 1 wouldn't have employed me if I hadn't been up front about the BR;

1 didn't ask and no information was volunteered

Overall it's probably best to be up front with potential employers (especially if the bankruptcy is recent), but a distant BR should not really matter too much unless you're looking at working within the financial or legal industries who are not forgiving with financial difficulties.

The OP is looking for work in the financial industry

lilybankrupt

See I find this kind of checking / disqualification really unfair, because what it suggests is that going BR means you are or will be more dishonest / likely to commit a crime and less capable in your job, even if that is financial. I couldn't care less if my accountant is bankrupt, what I care about is whether he understands how to draw up accounts properly.

Is there any evidence that BR people are less trustworthy / honest / reliable / competent than non BR people? I don't mean perceptions, but an objective statistical analysis.

If there is no evidence then the fact of BR should be between the OR and the bankrupt and no-one else, except perhaps in the first year when it comes to sorting out things like council tax liability.

TheGardener

Beenie wrote: »

Aren't people preparing, checking and/or advising on accounts meant to be of the utmost financial probity?

If a person gets into a tizz with their own finances, how can they expect to be taken seriously when checking other people's? I wouldn't want a bankrupt within 100 miles of my accounts.

.. and what a good job many employers are more well informed!! This argument makes an assumption that all BR's are 'to blame' for their BR - whereas of course in reality many are victims other peoples actions - from a dishonest or addicted partner or someone with perfectly manageable debts who fell ill or was made redundant - right though to some of the elements who worked and traded (with others money) regardless of the risk in the financial markets that brought about the financial crisis of 2008!!
Your assumption is poorly informed, in bad taste and shows a complete lack of understanding of how close to the financial cliff most people are if they just stop and do a couple of "what if's" on their own finances. You might be well to consider the proverbial "there but for the grace of god" ...
I work in the public sector, I manage a large amount of public money/budget: I manage it very well if I say so my-self - so well in fact, that I am asked frequently to speak publicly on what I do at training and seminars.
So quit with the ridiculous assumptions and have a look at your own finances and see just how close to a 'tizz' you might be if the wind changes...

GazHatesBanks

lazer wrote: »

The OP is looking for work in the financial industry

Where has the OP stated this? The financial industry is banking, insurance, investments, etc. i.e. those regulated by the FCA and/or PRA.

Accountancy/bookkeeping are not regulated financial industries and although some institutes will allow a BR person to operate under their qualification, others won't.

Armorica

I think you ought to. If you hope for your career to progress it will have to be disclosed at some point. Particularly if you rise to a position of responsibility/signing off accounts, you should be honest with your employer to guard against blackmail risk.