BR affecting employment

nzjamesk

Hi, I currently work as an IT contractor in the investment banking world.


What I am trying to determine is how would going bankrupt affect this, would it need to be declared to my employer and would that potentially cause me to lose my job? Also does this have to be disclosed on future job applications and how does it negatively affect seeking new employment.


Has anyone had any personal experience with this?

TheGardener

Hi.
There is a good explanation here https://www.stepchange.org/debt-info/bankruptcy-and-my-job.aspx

No - you do not need to declare bankruptcy to employers either present or future, unless you are working in a role that specifically excludes BRs such as chartered accountants - unless the terms & conditions of your employment/contract specify disclosure.

letitbe90

As a fellow contractor, are you sure there is no way to leverage your income to cover the debts?

Have you exhausted all options?

Are you using a ltd company as a contractor? I believe you may be restricted from being a director of a ltd company and restrictions applied if as a sole trader.