What happens to my job & the income from my job if I am made bankrupt?

 

In most cases, either a bankruptcy or an individual voluntary arrangements will have no impact on your job and your employer will not be contacted. This page provides an index to three different job statuses for bankruptcy purposes - Sole traders - PAYE employed - Those who are directors of limited companies.


There are, however, exceptions to that statement that a bankruptcy order will not impact on your job role. It may be that you work in a financially sensitive job and there are rules in your contract of employment or rules of your professional association. For example, you cannot be employed as an MP, JP or hold certain public offices if you are subject to a bankruptcy order.


For details of the impact of bankruptcy on those people employed on a PAYE basis, click here.


For details of the impact of bankruptcy on those working as sole traders, click here.


For the bankruptcy impact on those who are trading under the style of a limited company, click here.


To read the bankruptcy insolvency law in relation to your job, click here.

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