professional status will not be affected by an IVA

[sten.k]

You mention that your professional status will not be affected by an IVA - I am an accountant and I know that the two professional bodies I have studied under (AAT & CIMA) both require you to declare any IVAs, further to which they will carry out an investigation of your affairs. It may be that they rarely strike someone off in normal circumstances but surely the risk is still present?

In addition, if you have equity in your home that exceeds the value of your unsecured debts, can your creditors place a charge on your property or force a sale?

[MelanieGiles]

Hi stenk and welcome to the forum

I am not sure whether you are referring to the site generally, or a particular post or poster, but I cannot think that you would have been advised that professional status will not be affected. If so, could you point me to that area for my own reference.

Some professional bodies require you to declare your financial status, but this is merely a declaration and not a licence to withdraw your practicing certificate. I have acted for several accountants in my time, members of various bodies, who have come out of their IVA's successfully and practiced fully both during and after the arrangements had concluded.

Creditors can place a charge on the property if there is negative equity, and technically this could force a sale, but again unlikely as what would they have to gain?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Doug9898]

Agreed , Chartered accountants ,in my experience are normally ok providing that there no evidence of impropiety (byelaw 7). Yet certified accountants can lose there position due "to bad financial management" (byelaw 25) Company accountants (CIFA Article 21- 22) , Financial accountants(CIFA Article 24) and management accountants are also at high risk of losing position. Melainie's right

[Doug9898]

Sorry Melanie right is as much as it can affect but doesn't always affetc . Sorry preesed the button to soon