Can a CPA use a consumer proposal to relieve financial hardship without affecting their professional membership status? Bankruptcy normally results in resignation. What about consumer proposals or debt management plan through credit counselling?
A CPA filing a consumer proposal should not result in any jeopardy to his or her professional designation.
However, to be certain one should contact the professional association for confirmation.
As you are aware, filing bankruptcy puts the professional designation into jeopardy:
“2. The Registrar shall admit to membership in CPA Ontario anyone who otherwise meets all the requirements of this regulation and:
– makes an application in the appropriate form for membership and pays the prescribed fee;
– provides evidence of good character satisfactory to the Registrar;
– is not an undischarged bankrupt;
– has paid all dues and other amounts levied by CPA Ontario;
– has provided all information and produced all documents and other materials requested by CPA Ontario or anyone acting on its behalf;”
Earl Sands, LIT