Bankruptcy

Rule 608 of the Code of Ethical Principles and Rules of Conduct requires that a CGA or student in the CGA program of professional studies must notify CGA Ontario if he or she becomes bankrupt.

The CGA or student is then notified that the discipline committee will require certain information so that the bankruptcy proceedings can be monitored. The trustee-in-bankruptcy is also notified that the discipline committee requires information about the CGA or student so that it can perform its monitoring functions.

Should the bankruptcy proceedings disclose information of concern to the discipline committee, an investigator may be appointed.

The discipline committee’s interest lies in ensuring that the bankruptcy discloses no breaches of the Code of Ethics and Rules of Professional Conduct. Usually, once the certificate of discharge has been issued, the file is closed.