CA ANZ suspends member for bankruptcy

CA ANZ said the decision had balanced the interest of the member against the public interest, the reputation of CA ANZ and the need to support integrity in the accounting profession.

In giving reasons for the suspension, the committee said that it was an expectation that CA ANZ members “be solvent and financially prudent.” 

“Members and provisional members that are bankrupt should not be entitled to hold themselves out as members or provisional members of CA ANZ,” disciplinary documents read.

The committee noted these standards were necessary to protect the reputation and confidence in CA ANZ, and that it was appropriate for the Tribunal to impose a reasonable sanction as the allegation was of a “serious nature.”

The member first became a member of CA ANZ in 2010 and obtained a certificate of public practice in 2017.

They admitted to becoming bankrupt on 12 May 2025, in doing so breaching CA ANZ’s by-law 40.9(a)(xi). This by-law stipulates that a member would have committed an offence under CA ANZ’s conduct rules if they suffered an insolvency event.

Further, the committee noted that the member’s suspension reflected community expectations for CA ANZ members not to hold themselves as chartered accountants when personally insolvent, and when their personal affairs were being externally managed.

The accountant submitted that he was unable to pay the $500 costs order as he had been recently made redundant, he was trying to support his family and was not in a position to agree to a payment plan.

However, the committee requested he pay CA ANZ the costs as the complaint was “of a serious nature,” and said the amount was considered reasonable in the circumstances.