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Can an insurance broker declare bankrupty

I read that a self employed insurance broker cannot go bankrupt, is the individual allowed to apply for a consumer proposal. If the proposal is not accepted can he apply for bankruptcy and still work as an insurance broker.

Posted from: Quebec

One Response to “Can an insurance broker declare bankrupty”

A licensed trustee said...

You’re a little confused – it is not that a broker can’t file for bankruptcy, they most ceratinly can, BUT they can’t retain their broker’s licence. This is an issue you need to sort out with the licencing body. Many people resign their licence for a period of time (equal to the length of the bankrutpcy) and then re-apply. Again, discuss with the licencing body first so they are ware of what you are doing. If they won’t allow it they’ll tell you before you file.