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.