Simple Debt Solutions
Debt advice for Accountants
If an Accountant is declared bankrupt then this will result in mandatory exclusion from membership of the Chartered Institute of Management Accountants (CIMA) and the Institute of Chartered Accountants of England and Wales (ICAEW).
Exclusion from the ICAEW continues until 3 years after the date of discharge of the restrictions of bankruptcy order at the earliest, and is currently 6 years in total. The ICAEW regards an IVA more sympathetically than the CIMA and expulsion from the ICAEW is discretionary rather than compulsory.
CIMA and the Chartered Institute of Financial Accountants (CIFA) view bankruptcy and entry into an IVA in a more considerate manner. Each body will assess whether expulsion is applicable after taking into account any relevant factors. Regarding readmission, this is an option in all cases with each body judging each situation on an individual basis.
Simple Debt Solutions are experienced in providing debt advice to the corporate and professional market, please call 0800 389 5959 for confidential and professional advice.