You have a duty to report to us if yout are subject to a bankruptcy order or if you enter into an Individual Voluntary Arrangement (IVA)
Under Rule C65.6 of the Code of Conduct in the BSB Handbook, whether you are practising or not, you are required to report promptly to us if:
- bankruptcy proceedings or directors disqualification proceedings are initiated against you;
- a bankruptcy order or directors disqualification order is made against you; or
- you enter into an IVA with your creditors.
Entering into an IVA or being subject to a bankruptcy order is not in itself a disciplinary offence or a bar to practising; however, failure to promptly report these circumstances to us, or failure to keep the us updated after reporting, may give rise to disciplinary proceedings.
If you are subject to a bankruptcy order or enter an IVA, you should report this using our online reporting form.