Self Employment & Bankruptcy

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Will I Lose My
Small Business

If I go Bankrupt?

With the right advice, you may not have to lose your business. Company insolvency laws are complicated in Australia, and you need to tread carefully around this to continue to be self-employed. Of course, you can no longer be a Director of a Pty Ltd company once you declare yourself bankrupt. However, 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 company getting the right advice is critical. There can be very serious consequences for self-employed individuals who file for bankruptcy so get some advice. At Bankruptcy Experts we offer a free consultation so give us a call on 1300 795 575. for more information.

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What If I Have Both Business and Personal Debts?

If you have a combination of personal and business debts when you go bankrupt, you may 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 are in business as a Sole Trader, Partnership, Company, or Trust, at Bankruptcy Experts we can guide you through all of your options. Call us for an obligation free chat on 1300 795 575.

What if I have Both Business and Personal Debts
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Should I Put My Company Into Liquidation?

If you choose to liquidate your business you may not need to go bankrupt, another option is voluntary administration. As with all these matters, get some expert advice first, contact us at Bankruptcy Experts on 1300 795 575 and go through the options available to you. There is much more to this story so go to the Liquidation Section of this website for more information on how company liquidations can affect you.

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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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bankruptcy expert ebook

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We offer a No Obligation Free Consultation in over 40 locations throughout Australia, Brisbane, Canberra, Sydney, Melbourne, Gold Coast, Adelaide, Perth, Darwin, Hobart, Sunshine Coast, Newcastle and Geelong. Feel free to download our e-Book now.

What Impact Will Bankruptcy Have on my Business?

The impact on your business could be massive 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 before taking this path, like some professional licences that may 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 Experts give you more information so that you can make the best decision.

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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 create a Phoenix Company that rises up out of the ashes of an old one and Australia has laws in place to prevent this from happening. You cannot run up thousands in debt, go bankrupt, then open up the doors again the next morning as if nothing had happened. This situation, as with many concerning bankruptcy, is not as straightforward as it might seem. It is always a good plan to talk with the experts first so call Bankruptcy Experts today on 1300 795 575.

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