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by Strong Eagle » Sat, 29 Jun 2019 5:58 am
Here is my view on the subject. The ACRA and companies act has several specific regulations relating to bankruptcy. Basically, if you are an "undischarged" bankrupt you cannot serve as a company officer or as the managing partner for partnerships. That's undischarged, though, so if you've taken care of business, it won't get in your way.
If there are these kinds of regulations for officers, I suspect that there are similar for other professional certifications or positions, especially in the financial arena. Thus, if you have any inkling that the position you will take might be subject to bankruptcy restrictions, you should definitely look into this. You must know if the position you are going to take could be affected, and obviously, you must reveal if this would impact your ability to perform.
While I don't think anyone is going to celebrate going bankrupt at the local bar, it's not necessarily a bad stain on your background and accomplishments. Look, if you're not a thieving bastard, like our Toddler in Chief, Donald Trump, who has used bankruptcy on a number of occasions to stiff people, then there's a reasonable explanation for bankruptcy.
You might not like the one answer... I was a f*cking dumbkopf who over-reached and got burned... but even this has positives... I bet there are a lot of lessons learned. And it could be that your bankruptcy was due to conditions beyond your control... a canceled government program or a major client that goes bankrupt could do you in.
In conclusion, my view is that you reveal, enough detail for them to understand the circumstances, whether or not you are discharged, and what you learned from the experience. The experience could be valuable, especially if you were to be evaluating other business plans or loans that look a bit too optimistic.