{"id":2583,"date":"2014-01-08T13:00:23","date_gmt":"2014-01-08T13:00:23","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=2583"},"modified":"2020-10-20T15:25:33","modified_gmt":"2020-10-20T14:25:33","slug":"iva-or-bankruptcy-pt4","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/iva-or-bankruptcy-pt4\/","title":{"rendered":"IVA or Bankruptcy – Part 4"},"content":{"rendered":"\n

In the third article in this series, we looked at the possible effects of insolvency<\/a> on the careers of members of the Armed Forces and of the Police. <\/p>\n\n\n\n\n\n\n\n

In this fourth article we will look at the medical, dental, veterinary and pharmaceutical professions and the possible effects of insolvency on the careers of those engaged in those professions. It should be borne in mind that the Recognised Professional Body<\/strong> (RPB) governing any such professions will have its own rules and regulations in regard to a member becoming insolvent and these may be revised from time to time. Furthermore, the attitude of any particular RPB and its standard practice in dealing with an insolvent member may also vary somewhat depending on a number of factors.<\/p>\n\n\n\n

It is not intended that this short article should be comprehensive in\n examining the effects of insolvency on the career of a professional. It\n is simply to illustrate the variety of mandatory and discretionary \nsanctions which an RPB may apply. In an ideal world the potentially \ninsolvent professional could check directly with his or her RPB to \ndetermine such effects but many professionals would be understandably \nreluctant to do so, lest their questions alert their RPB to the \nsituation prematurely.<\/p>\n\n\n\n

A reputable Insolvency Practitioner<\/strong> (IP) could however elicit such detailed information from the RPB on behalf of a professional client on a confidential and anonymous basis, particularly when the client may be insolvent and is considering the merits and effects of two of the most frequently used financial remedies \u2013 Bankruptcy<\/strong> or Individual Voluntary Arrangement<\/strong> (IVA).<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Some of the recognised professional bodies (RPB) governing the \nprofessions mentioned above are British Dental Association (BDA), \nGeneral Dental Council (GDC), General Medical Council (GMC), Royal \nCollege of Veterinary Surgeons and Royal Pharmaceutical Society.<\/p>\n\n\n\n

An insolvent member of an RPB, who is bankrupt or is in an IVA, will \nnot necessarily be expelled from the relevant body nor indeed is it \nnecessarily mandatory for an insolvent member to lose their licence to \npractice or other necessary accreditation. However, with the exception \nof BDA, the other RPBs listed above reserve discretionary powers of \nexpulsion and loss of accreditation or licence in respect of a member in\n Bankruptcy or in an IVA.<\/p>\n\n\n\n

Other sanctions which may be applied vary from body to body.<\/p>\n\n\n\n

An insolvent member of GDC will be excluded if the insolvency reveals\n misconduct. Re-admission is possible. The BDA maintains a benevolent \nfund but it seems that GDC may not.<\/p>\n\n\n\n

An insolvent member of GMC will be struck off if the insolvency \nreveals medical misconduct. Re-admission is possible and a member so \nstruck off has a right to appeal the sanction. The GMC also maintains a \nbenevolent fund.<\/p>\n\n\n\n

An insolvent member of Royal College of Veterinary Surgeons will be \nstruck off if the insolvent member\u2019s conduct is fraudulent. Re-admission\n is possible. This body also maintains a benevolent fund.<\/p>\n\n\n\n

Registration of an insolvent member of the Royal Pharmaceutical \nSociety will not be affected unless supply of drugs is related to the \ninsolvency. Re-admission is possible. This body also maintains a \nbenevolent fund.<\/p>\n\n\n\n

Anyone applying to join an RPB governing their profession should \ndisclose significant issues relating to their financial status, \nparticularly if insolvent or likely to become so.  Better to address \nsuch issues up front than to have to deal with them after joining the \nRPB as failure to disclose may incline the RPB to exercise its \ndiscretionary powers of sanction. Anyone who is already a member of an \nRPB when threatened with insolvency should familiarize themselves with \nthe rules and regulations of the RPB and try to determine its attitude \nand standard practice in these matters.<\/p>\n\n\n\n

If the RPB maintains a benevolent fund for members, an insolvent \nmember could consider consulting with its trustees but before doing so \nshould consider taking independent legal advice before making what could\n turn out to be a career threatening decision. A reputable insolvency \npractitioner will also provide invaluable advice on all the available \noptions open to an insolvent professional. Such advice should be \nprovided free of charge. Alternative sources of advice are CAB and the \nCCCS.<\/p>\n","protected":false},"excerpt":{"rendered":"

In the third article in this series, we looked at the possible effects of insolvency on the careers of members of the Armed Forces and of the Police.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":""},"categories":[2,7],"tags":[],"class_list":["post-2583","post","type-post","status-publish","format-standard","hentry","category-bankruptcy-articles","category-iva-articles"],"_links":{"self":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/2583","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/comments?post=2583"}],"version-history":[{"count":4,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/2583\/revisions"}],"predecessor-version":[{"id":13553,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/2583\/revisions\/13553"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=2583"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=2583"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=2583"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}