Self Employment & Bankruptcy
Will I Lose My
Small Business
If I go Bankrupt?
With the appropriate advice, you may not have to lose your business. Company insolvency laws are complicated in Australia, and you need to tread really carefully around this to continue to be self-employed. Of course, you can no longer be a Director of a Pty Ltd company as soon as you declare yourself bankrupt. Having said that, this does not mean that you cannot still manage a business and employ staff as a sole trader.
If you are self-employed or a director of a business getting the appropriate advice is critical. There can be very serious consequences for self-employed people who file for bankruptcy so get some professional advice. At Bankruptcy Australia we provide a free consultation so give us a call on 1300 795 575 for additional information.
What If I Have Both Business and Personal Debts?
If you have a combination of personal and business debts when you declare bankruptcy, you might be able to have most, if not all, of it wiped. This is a complex procedure, but it is possible. Personal insolvency does not automatically imply business bankruptcy as well. Whether you operate as a Sole Trader, Partnership, Company, or Trust, at Bankruptcy Australia we can guide you through all of your alternatives. Call us for an obligation free chat on 1300 795 575.
Should I Put My Company Into Liquidation?
If you choose to liquidate your business you may not need to have to declare bankruptcy, another possibility is voluntary administration. As with all these matters, get some qualified advice first, call us at Bankruptcy Australia on 1300 795 575 and go through the choices available to you. There is a lot more to this story so go to the Liquidation Section of this website for more information on how company liquidations can affect you.
Big 5 Questions
– Is Going Bankrupt Right for me?
– Will I lose my job?
– How will my income be affected?
– Can I keep my house or car?
– Will I lose my business or can I still be self-employed?
If you are considering bankruptcy, being able to answer these questions is vital. Then you’ll know exactly what will happen to your business and assets should you choose to file for bankruptcy. Feel free to download our eBook for free and inform yourself today. Or, if your questions are more complex, call us directly on 1300 795 575.
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What Impact Will Bankruptcy Have on my Business?
The effect on your business could be substantial or only a minor concern depending on your circumstances. In Australia while you are bankrupt, you can operate or run a business as a Sole Trader although there are some conditions. There are a few things to consider prior to taking this path, like some professional licences that may well become invalid during bankruptcy. For example, a builder could have their Builder’s Licence suspended for the 3 years they are bankrupt, as this licence is critical for a builder to have, the impact of losing it is huge.
Call 1300 795 575 and let Bankruptcy Australia provide you more information so that you can make the very best decision.
Isn’t It Illegal to Run a Similar Business after Bankruptcy?
Is it illegal to run a similar business after bankruptcy? It definitely can be. It is illegal to establish a Phoenix Company that rises up out of the ashes of an old one and Australia has laws in place to prevent this from occurring. You cannot run up thousands in debt, go bankrupt, then open up the doors again the next morning as if nothing had happened. This scenario, just like many concerning bankruptcy, is not as uncomplicated as it might appear. It is always a good plan to talk with the experts first so call Bankruptcy Australia today on 1300 795 575.