SRA Handbook

Financial evidence

Version 21 of the Handbook was published on 6 December 2018. For more information, please click "History" above.

5: Financial evidence

5.1

Unless there are exceptional circumstances we will refuse your application if:

(a)

there is evidence that you cannot manage your finances properly and carefully;

(b)

there is evidence that you have deliberately sought to avoid responsibility for your debts; and/or

(c)

there is evidence of dishonesty in relation to the management of your finances.

5.2

If you have been declared bankrupt, entered into any individual voluntary arrangements (IVA) or have had a County Court Judgment issued against you it will raise a presumption that there has been evidence that you cannot manage your finances properly and carefully.

Guidance note

(i)

The following might help to establish confidence in your ability to run your business/carry out your role in the business effectively and in accordance with proper governance and sound financial and risk management principles:

(a)

the bankruptcy/IVA/County Court Judgment occurred many years ago and there is evidence of subsequent sound financial management and conduct to show that creditors have been repaid;

(b)

you were affected by exceptional circumstances beyond your control which you could not have reasonably foreseen.

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