16 April 2014

Barristers and Bankruptcy

Did you know that you should notify the Bar Standards Board if you are subject to a bankruptcy order or enter into an Individual Voluntary Arrangement (IVA)? All barristers, whether practising or not, are required under Rule C65.6 of the Code of Conduct in the BSB Handbook to report promptly to the Bar Standards Board if:

  • Bankruptcy proceedings or directors disqualification proceedings are initiated against him or her 
  • A Bankruptcy order or directors disqualification order is made against him or her 
  • He enters into an IVA with his or her 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 the BSB, or failure to keep the BSB updated after reporting, may give rise to disciplinary proceedings.

If you are subject to a bankruptcy order or enter into an IVA, you should write to the BSB's Professional Conduct Department and provide the date of the bankruptcy order or IVA and brief details of the circumstances leading to the bankruptcy or IVA.

If you have any questions, or wish to discuss the matter further, please feel free to telephone the Assessment Team within the Professional Conduct Department.