What jobs can't you do once you are bankrupt?

i_wanna_save_money!

It is not worded very well but what I want to know is are there any careers you are not allowed to go into due to the fact of being made bankrupt? It is just I have heard there are certain jobs you cant do, but cant remember what they were.
Thanks

tigerfeet2006

In general it is jobs regulated by the FSA or Directors. I'm sure someone will be along with better info soon.

Oh! and School governors and I think town councillors.

Sola

It's not just specific jobs (controlled functions) regulated by the FSA; in many financial companies you have to inform HR if you go bankrupt whatever your role within the company, and they can terminate your employment because of it. My own contract says I would have to inform HR of any CCJs as well.

fermi

tigerfeet2006 wrote: »

Oh! and School governors and I think town councillors.

ONLY while you have a BRU/BRO now.

You are not supposed to quote large bits of text on here but I will.;)

Some of the restrictions imposed by statute are listed below.

http://www.insolvency.gov.uk/freedomofinformation/technical/TechnicalManual/Ch25-36/Chapter25/part4/part_4.htm

Restrictions imposed by other legislation

June 2007

It should be noted that the introduction of Bankruptcy Restriction Orders (BROs) by the EA 2002 has affected the position of the restrictions listed below in that some may still apply to undischarged bankrupts whilst others may only apply to those individuals against whom a BRO is in force. Where the relevant restriction is only discretionary, the discretion as to whether to impose the disqualification will extend to individuals subject to BROs. For more information regarding the restrictions on bankrupts and those subject to a BRO, please see Enterprise Act 2002 (Disqualification from Office: General) Order 2004.

N.B. - An updated schedule of restrictions effected in BRO/BRU cases can be found in the schedule attached to Enforcement Notice E13-07 issued on 23 May 2007.

25.19 Chairman of a land tribunal Agriculture Act 1947 Schedule 9

An undischarged bankrupt is disqualified from an appointment as chairman of a land tribunal and an existing chairmanship may be revoked.
Schedule 99 s 13(4)

25.20EA Trustee of a charity Charities Act 1993 s 72

An individual subject to a BRO is disqualified from acting as the trustee of a charity.
Notes: s 18

25.21EA Member of the Coal authority Coal Industry Act 1994 Schedule 1 paragraph 1

The Secretary of State may remove a member of the Coal authority if that member is made bankrupt or subject to a BRO.

25.22EA Consumer credit licence

A consumer credit licence held by an individual is terminated if that individual is the subject of a BRO.
Notes: Consumer Credit Act 1974 s 37(1)(b)

25.23EA School governors

An undischarged bankrupt is no longer disqualified from holding office, or continuing to hold office, as a school governor. Only those subject to a BRO will be disqualified from holding office as a school governor.
Notes: Education (School Government) Regulations 1989 Reg 6(1)

25.24 Enduring Powers of Attorney Act 1985 s 2(10)

An undischarged bankrupt may not execute the instrument creating an enduring power of attorney. The bankruptcy of an individual acting as attorney would automatically revoke the power.

25.25EA Membership of a flood defence committee Environment Act 1995 Schedule 1 s 1

There is no longer any disqualification from being or becoming a member of a regional or local flood defence committee associated with either bankruptcy or a BRO.
Notes: Schedule 5 s 3

25.26EA Estate agents

An undischarged bankrupt is disqualified from engaging in estate agency work of any sort otherwise than as an employee of another person. This disqualification also extends to those individuals subject to a BRO.
For this purpose the employment of the bankrupt by another person does not include his employment by a body corporate of which he is a director or controller.
Notes: Estate Agents Act 1979 s23

25.27 Operators’ licence

A traffic commissioner who has issued an operators’ licence may revoke, suspend or curtail it where an individual to whom that licence has been issued is made bankrupt. The official receiver should notify the commissioners at the local Traffic Area Office immediately the bankruptcy order is made.
Notes: Goods Vehicles (Licensing of Operators) Act 1995 s 26

25.28 Housing Act 1996 Schedule 1, Part 2 paragraph 4

The relevant authority (either a local housing authority or a social services authority) may remove a director/trustee of a registered social landlord which is a registered charity where that director/trustee has been made bankrupt.

25.29 Housing Associations Act 1985

The Secretary of State may remove members of the Housing Corporation if they are adjudged bankrupt.
Notes: Schedule 6, paragraph 3

25.30EA Justice of the peace

An individual who has been made bankrupt is disqualified from being appointed to or acting as a justice of the peace but only in those cases where the petition was presented on or before 1 April 2004. EA 2002 repeals this section so that an undischarged bankrupt will no longer be automatically disqualified from being a Justice of the Peace and the position of such an individual will be left to the discretion of the Lord Chancellor.
Notes: EA s 265 Justices of the Peace Act 1997, s 65

25.31EA Member of, an internal drainage board Land Drainage Act 1991 Schedule 1, Part 3 paragraph 9- repealed.

Where formerly a bankrupt was not eligible to seek appointment as, or to be a member of, an internal drainage board and an elected member made bankrupt had to vacate office, this is no longer true as the Enterprise Act 2002 (Disqualification from Office: General) Order 2004 has repealed the relevant part of the Land Drainage Act 1991.

25.32EA Local government councillor

Whilst formerly an undischarged bankrupt could not hold office in local government whilst bankrupt this has been amended by EA 2002 so that he is only disqualified from so acting if there is a BRO in force against him.
Notes: EA s 267 Local Government Act 1972 s 80(1)(b)

25.33EA Pensions Act 1995 s 29(1)(b)

An undischarged bankrupt or discharged bankrupt subject to a BRO is disqualified from being a trustee of any trust scheme, unless the disqualification is waived, on application, by the Occupational Pensions Regulatory Authority.

25.34 Public service vehicle operators Public Passenger Vehicles Act 1981

A public service vehicle operators licence or road service licence is terminated if the individual holding that licence is made bankrupt.
s 57(2)(b)

25.35 Regional Development Agencies Act 1998, Schedule 2 paragraph 1

The Secretary of State may remove a member of a regional development agency from that office if that person has been made bankrupt.

25.36EA "Right to buy" council property

There is a restriction on the "right to buy" under section 121 of the Housing Act 1985, The right to buy cannot be exercised if the person, or one of the persons, to whom the right to buy belongs has a bankruptcy petition pending against him, has a receiving order in force against him, is an undischarged bankrupt or is discharged from bankruptcy but subject to a BRO..
Notes: Housing Act 1985 S121

25.37 Solicitors

Section 15 of the Solicitors Act 1974 provides that any current practising certificate held by a solicitor is immediately suspended on the making of a bankruptcy order. The Law Society, on application, may lift the suspension of a practising certificate. There is no such restriction placed on practising barristers although as a matter of courtesy the Bar Council wish to be informed of any order made against members. Reference should also be made to paragraph 59.7 (barristers) and 59.60 (solicitors).
Notes: Solicitors Act 1974 ss 12, 15 and 16

betterlatethannever

Wow, thanks for that Fermi,...

dam, i wanted to be a member of the coal authority too:rolleyes: ohh well i'll have to look for something else:p

fermi

betterlatethannever wrote: »

dam, i wanted to be a member of the coal authority too:rolleyes: ohh well i'll have to look for something else:p

Sorry to upset your dreams BLTN. :rotfl:

fatbabbyharry

Hi,

I have recently been discharged from Bankruptcy...out of interest would I still be barred from practising as an IFA? - I'm thinking probably so as my credit rating is also going to be shot to pieces.

plonker9

Can anyone advise if i'm allowed to be a External Sales Representative for a Builders Merchant whilst Bankcrupt?

thanks in advance

dancingfairy

I wouldn't have thought it would be a major problem - it's more like lawyers/accountants that kind of thing I think where it would be more of a problem. For a sales job I guess it would be o.k unless the company has a specific policy against it.
df

hellohowareyou

say if ypu have been bankrupt in a different country and then return to the UK - do you still have the same career restrictions or do the restrictions exist only in the country you filed bankruptcy in?