B. EMPLOYMENT & INCOME: PART 1 OF 7.
The Bankruptcy Act does not impose any restrictions on employment in any trade or profession. You can continue to earn an income and/or seek other employment opportunities.
You should note however that particular industry associations or licensing authorities may impose certain restrictions or conditions should a member or licensee become bankrupt.
Generally state governments administer legislation that govern eligibility for particular trades. eg. builders, real estate agents etc: while national or state based professional associations and/or statutory boards set the eligibility requirements for particular professions. eg. accountants, lawyers, tax agents etc: you should check with your relevant licensing authority or professional organisation to ascertain whether bankruptcy has any impact on your ability to continue in the trade or profession.Under the Corporations Act you are prevented from managing a corporation while bankrupt without approval from the court.
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