Has the candidate ever been declared bankrupt?
Under some circumstances, an individual that has been declared bankrupt may not be allowed to hold positions of responsibility. A person also can be disqualified from taking any direct or indirect role in the management of a company due to bankruptcy. This search confirms that a candidate is not disqualified under these provisions.
Bankruptcy is where an individual has been legally declared as unable to pay their debts to creditors. Creditors may file a bankruptcy petition against a debtor (the individual) which is known as involuntary bankruptcy where the debtor (the individual) voluntarily requests for a discharge of their debts under the bankruptcy code this is known as voluntary bankruptcy.
This search is vital for roles where the applicant will be entrusted with finances and/or assets.
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