How will my profession/trade be affected by an insolvency appointment?

The Bankruptcy Act 1966 does not generally impose any restrictions or conditions on employment in any profession; however, various state and national associations/governing bodies do provide certain restrictions.

This applies to both people who are bankrupt and people who are subject to a personal insolvency agreement (Part X) or a debt agreement (Part IX).

The Australian Financial Security Authority (AFSA) has on its website an overview of employment restrictions to alert people to the potential trades and professional memberships that are affected in these circumstances.

On a general basis, state governments administer legislation that governs eligibility rules for trades such as plumbers, builders, secondhand dealers etc. While national or state-based professional associations / statutory boards govern such professions as accountants, lawyers, barristers etc.

The schedule is to assist and alert people to which statutory bodies may have such restrictions. It does not mean that employment or operation in those field is voided on the event of bankruptcy, it simply assists in pointing users in the right direction and is not an exhaustive list.

Note: Legislation and membership rules are subject to change. This table should be used as a guide only. You should contact the relevant source of information directly to confirm any impact prior to lodging the relevant personal insolvency applications.

National Authorities

State/Territory Based Authorities