Accountants (CPAs), Bankruptcy, and Consumer Proposals

The Chartered Professional Accountants (CPA) of Ontario require that applicants or members disclose making an assignment in bankruptcy or proposal to the registrar in accordance with by-law 7-1 (27).

The Registrar requires a questionnaire concerning details of the member or applicant’s insolvency to be completed, and certain insolvency specific documents to be provided. Your trustee will assist you in assembling the documents required by CPA Ontario.

CPA Ontario asks if any of your clients or firm’s clients were listed as your creditors. CPA Ontario is also interested in your cause of insolvency and how you intend to prevent similar circumstances from recurring.

Lastly, CPA Ontario requires a confidential statement of financial information detailing your budget, a list of your assets and liabilities, and your family situation.

As with most professional bodies, CPA Ontario doesn’t have a blanket response to all members or applicants who disclose having filed an assignment in bankruptcy or proposal. Instead, the registrar reviews each specific situation on a case by case basis to determine whether the applicant is worth of admission, or the member may maintain their membership.

If you are a CPA who is struggling with debt, we suggest contacting our office to have your specific situation reviewed by one of our Licensed Insolvency Trustees.

Steve Welker, our firm’s founder, is also a Chartered Professional Accountant in addition to being a Licensed Insolvency Trustee. Steve is available to speak with directly about your personal situation.

Our offices can be reached at (416) 246-7771 or contact@stevewelker.ca.