Self Employment & Bankruptcy

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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 Queensland, and you need to tread cautiously around this to continue to be self-employed. Of course, you can no longer be a Director of a Pty Ltd company when you declare yourself bankrupt. However, this does not mean that you cannot still manage a business and engage staff as a sole trader.

If you are self-employed or a director of a business getting the correct advice is crucial. There can be very significant consequences for self-employed individuals who file for bankruptcy so get some advice. At Bankruptcy Bundaberg we offer a complimentary consultation so give us a call on 1300 795 575 for additional 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 complicated procedure, but it is possible. Personal insolvency does not automatically imply business bankruptcy also. Whether you are in business as a Sole Trader, Partnership, Company, or Trust, at Bankruptcy Bundaberg we can guide you through all of your alternatives. 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 might not need to have to go bankrupt, another option is voluntary administration. As with all these matters, get some qualified advice first, contact us at Bankruptcy Bundaberg on 1300 795 575 and go through the choices 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 impact you.

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the-big-5-reading-bankruptcy-experts

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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What Impact Will Bankruptcy Have on my Business?

The impact on your business could be massive or only a slight concern depending upon your circumstances. In Qld while you are bankrupt, you can operate or run a business as a Sole Trader although there are some conditions. There are a couple of things to consider prior to taking this route, like some professional licences that might become invalid during bankruptcy. For instance, a builder could have their Builder’s Licence suspended for the 3 years they are bankrupt, as this licence is crucial for a builder to have, the significance of losing it is enormous.

Call 1300 795 575 and let Bankruptcy Bundaberg give you more information so that you can make the very 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 establish a Phoenix Company that rises up out of the ashes of an old one and Queensland has laws in place to prevent this from taking place. 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, just like many concerning bankruptcy, is not as simple as it might seem. It is always a good idea to talk with the specialists first so call Bankruptcy Bundaberg today on 1300 795 575.

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