Published in Debt Advice Features on Thursday, January 25 2007

Bankruptcy can have serious implications on many types of employment this article is an information resource for people who are either currently practicing as a solicitor or looking at becoming a solicitor, if this is the case then you should have a second thought as to whether bankruptcy is the right option for you, please read more to find the affects of bankruptcy to solicitors. 

If a solicitor becomes subject to bankruptcy proceedings then their practicing certificate will be suspended, it may be possible to apply for termination of the practicing certificate, and this application has to be made at the Solicitors Practice Unit at the Office of Supervision for Solicitors.

What this means is that although a solicitors practicing certificate would be suspended if the solicitor becomes subject to bankruptcy proceedings, whether this be the solicitor has been made bankrupt, or a creditor is issuing a bankruptcy petition, or the solicitor wishes to petition for their own bankruptcy, it may be possible to have the suspension lifted, subject to restrictions.

If the application for termination of the suspension is accepted, the practicing certificate would be imposed with conditions, whereby the solicitor may be restricted to practicing as part of a partnership or employed approved by the OSS.

If the solicitor operates a practice and is facing bankruptcy then the solicitor should check that the practice cannot be linked in some way with another practice or the practice that is facing bankruptcy should try and arrange for their clients to be referred to another practice or firm.

If you are solicitor you should think twice before actively looking at making yourself bankrupt, if you find yourself becoming subject to bankruptcy proceedings then you should seek advice.

The information above was researched and can be accredited to The Law Society for more information and a direct link about the affects of insolvency for solicitors please navigate to Insolvency Affects to Solicitors