Effects of Filing Bankruptcy or Consumer Proposal as an Accountant in Canada

Sometimes, it’s not that simple to file for bankruptcy or a consumer proposal.

There can be issues associated with your job that you need to consider before just steaming ahead.

It’s natural and wise to address your debt problems before they get even further out of hand – but you need to make sure you’re not doing anything that’s against your best interests that can’t be undone later.

If you’re wondering about the effects of filing bankruptcy or consumer proposal as an accountant in Canada, then you’ve come to exactly the right place.

In this article, we’ll look at the ins and outs of all that.

We’ll also point you in the right direction for advice specific to your circumstances.

What’s Required of You When Filing for Bankruptcy or a Consumer Proposal as an Accountant?

As a Chartered Professional Accountant (CPA), you’ll need to inform the Registrar – in writing – about the steps you’re taking within fifteen days of filing.

You won’t necessarily lose your registration.

The Registrar will look closely at all of the circumstances surrounding your financial troubles and base a decision on that.

Remember to include any relevant documentation – there’s no point in holding back at this stage, and the Registrar is only going to get upset if you try to conceal any of the facts.

Any documents which illustrate your current financial situation like tax returns, bank and financial statements and tax records will all be needed.

You’ll also be required to sign a release giving access to information with the licensed trustee and Superintendent of Bankruptcy promptly.

How Will the Registrar Decide What to Do?

The Registrar will examine all of the various aspects of your money problems before doing anything that will affect your future career.

Your conduct in the lead up to your bankruptcy or consumer proposal will be of particular interest.

They’ll also assess whether any mistakes you made could have an impact on your job, and whether or not you’re likely to run into problems during the course of your duties.

They’ll try and determine if you pose a risk to both clients and your employer too.

Part of the way the Registrar determines your suitability to continue working will be by looking at the nature of your creditors.

Any criminal liability is obviously going to be a big problem.

Still, generally, they’ll just be looking to make sure you don’t pose a potential problem for anybody you work for or represent.

Any decision made will get based on the merits of your particular case.

Once all of the available information has been thoroughly assessed, the Registrar can choose to:

 

  • Take no action at all.

 

  • Ask that you take part in compulsory tutoring, counselling or undertake prescribed professional courses and examinations.

 

  • Restrict your practice activities in a given manner for a set period.

 

  • Suspend your membership until a time they consider you to have fulfilled specific requirements.

 

  • Impose additional requirements as they see fit.

 

Getting Accurate Advice About Your Career in Accountancy and Debt

At BankruptcyCanada, we know that your career is important – especially right at the time when you are looking to get back out of debt.

We’ve been helping financial professionals for decades, and we’re always available to talk about your specific situation.

Give us a call without obligation on (877) 879-4770 (24/7) today.

We’ll advise, sympathize, and can put you in touch with the right fellow professionals.

It’s vitally important you speak with qualified people before you make any decisions about your financial future, but when you work in finance – that requirement becomes even more critical.

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