Will bankruptcy destroy my career?

Will bankruptcy destroy my career?

Will bankruptcy destroy my career?


Many careers and jobs require you to hold a license.

Bankruptcy can result in you losing your license and therefore your job and career.

It is surprising how few people realize the impact that bankruptcy can have.

We find this most commonly in people in the construction industry because organisation like the Queensland Building and Construction Commission will automatically suspend and/or cancel your license (but not restrict you from working).

Other regulators will go one step further and ban you from working further in that career.

Most people volunteering bankruptcy do not realize all of the consequences, and unfortunately many advisors overlook discussing all issues.

It is important to seek advice BEFORE going bankrupt about all of the consequences, from an experienced insolvency professional.

You should also seek advice about what you need to do to reinstate a license if it is removed.

We are experienced in seeking for licenses to be reinstated, and in defending whether someone is a fit and proper person to hold a license, so we can help you understand what bankruptcy entails (prior to entering into bankruptcy) and helping you get back on your feet once you have been discharged.

In this article, we outline all of the  trades or professions where work, job and employment restrictions may apply, with links to the relevant sites.

Generally state governments administer legislation that govern eligibility for particular trades (eg builders, plumbers, second hand dealers, etc) while national or state based professional associations and/or statutory boards set the eligibility requirements for particular professions (eg accountants, lawyers, barristers, tax agents, etc).

The information below is provided to alert you to possible conditions/restrictions on continuing with particular trades or professions.

If your trade or profession is listed below it does not necessarily mean that you can no longer work in that trade or profession, but it does mean you need advice regarding how bankruptcy or an arrangement under the Bankruptcy Act may affect your trade licence or membership in a professional association.

This is not a comprehensive listing of all trades and professions, and you should still seek advice even if your trade or profession is not listed below.

Profession / Trade Location Organisation for further information
Accountant – CA All states Institute of Chartered Accountants * Potential impact on membership eligibility. Please contact ICAA
Accountant – CPA All states CPA Australia * Potential impact on membership eligibility. Please contact CPA Australia
Accountant – NIA All states National Institute of Accountants * Potential impact on membership eligibility. Please contact NIA
Builders’ licence ACT Planning ACT
NSW NSW Business Licence Information Service (BLIS)
NT Northern Territory Building Practitioners Board
QLD Queensland Building and Construction Commission
SA Consumer and Business Services
TAS Workplace Standards Tasmania
VIC Victorian Building Commission
WA Department of Commerce
Company director or manager All states ASIC *An undischarged bankrupt or a person subject to a Personal Insolvency Agreement cannot be involved in the management of a company unless authorised by the Court.
Business in bankruptcy All state Australian Financial Security Authority
Councillors All states Contact your local government office
Defence force All states Department of Defence
Electrician licence ACT ACT Enviroment and Planning
NSW Australian Business Licence information Service
NT Electrical Workers and Contractors Licensing Board
QLD Department of Justice and Attorney General
SA Consumer and Business Services
TAS Work safe Tasmania
VIC Energy Safe Victoria
WA Department of Commerce
Escort agencies ACT Office of Regulatory Services
NT Department of Business
QLD Prostitution Licensing Authority
VIC Consumer Affairs Victoria
Finance brokers & Security Dealers All states ASIC * Finance broking in certain States/Territories may also be regulated under respective state legislation
Gaming room employees ACT ACT Gambling and Racing Commission
NSW Australian Business Licence and Information Service
NT Department of Business
QLD Business and Industy portal
SA Consumer and Business Services
TAS Department of Treasury and Finance
VIC Consumer Affairs Victoria
WA Department of Racing, Gaming and Liquor
Gas fitter licence ACT Environment and Planning Directorate – Planning
NSW Australian Business Licence and Information Service
NT Department of Business
QLD Queensland Building and Construction Commission
SA Consumer and Business Services
TAS Work safe Tasmania
VIC Consumer Affairs Victoria
WA Department of Commerce
Investigator licence ACT Office of Regulatory Services
NSW Australian Business Licence and Information Service
NT Department of Business
QLD Queensland Government
SA Consumer and Business Services
TAS business.tas.gov.au
VIC Consumer Affairs Victoria
WA Department of Commerce
Justice of the Peace ACT ACT Justices of the Peace Association Inc
NSW NSW Justices of the Peace (JP) Register
NT Department of the Attorney-General and Justice
QLD Queensland Government
SA Attorney-General’s Department
TAS Department of Justice Tasmania
VIC Department of Justice & Regualation
WA Court & Tribunal Services
Liquor licence ACT Office of Regulatory Services
NSW Australian Business Licence and Information Service
NT Department of Business
QLD Queensland Government
SA Consumer and Business Services
TAS business.tas.gov.au
VIC Consumer Affairs Victoria
WA Department of Racing, Gaming and Liquor
Member of parliament All states Australian Electoral Commission
Police All states State & Territory Police Services
Plumber licence ACT Environment and Planning Directorate – Planning
NSW Australian Business Licence and Information Service
NT Plumbers and Drainers Licensing Board
QLD Department of Housing and Public Works
SA Consumer and Business Services
TAS Work safe Tasmania
VIC Victorian Building Authority
WA Department of Commerce
Real estate licence ACT Office of Regulatory Services
NSW Australian Business Licence and Information Service
NT Northern Territory Government
QLD Queensland Government
SA Consumer and Business Services
TAS business.tas.gov.au
VIC Consumer Affairs Victoria
WA Department of Commerce
Second hand dealers and pawnbrokers ACT Office of Regulatory Services
NSW Australian Business Licence and Information Service
NT Department of Business
QLD Queensland Government
SA Consumer and Business Services
TAS business.tas.gov.au
VIC Consumer Affairs Victoria
WA Department of Commerce
Second hand vehicle dealer licence ACT Office of Regulatory Services
NSW Australian Business Licence and Information Service
NT Department of Business
QLD Queensland Government
SA Consumer and Business Services
TAS business.tas.gov.au
VIC Consumer Affairs Victoria
WA Department of Commerce
Security licence ACT Office of Regulatory Services
NSW Australian Business Licence and Information Service
NT Department of Business
QLD Queensland Government
SA Consumer and Business Services
TAS business.tas.gov.au
VIC Consumer Affairs Victoria
WA Department of Commerce
Solicitors ACT ACT Law Society
NSW The Law Society of New South Wales
NT Law Society Northern Territory
QLD Queensland Law Society
SA Law Society of South Australia
TAS The Law Society of Tasmania
WA Legal Practice Board of WA
Superfund trustee All states ATO or APRA *May be disqualified from continuing to be the trustee of the fund Sec 120 of Superannuation Industry (Supervision) Act 1993
Tax agent All states Tax Practitoners Board
Travel agent licence ACT Office of Regulatory Services
NSW Australian Business Licence and Information Service
NT Department of Business
QLD Queensland Government
SA Consumer and Business Services
TAS business.tas.gov.au
VIC Consumer Affairs Victoria
WA Department of Commerce

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