Self Employment & Bankruptcy
Will I Lose My
Small Business
If I go Bankrupt?
With the appropriate help and advice, you may not need to lose your business. Company insolvency laws are complicated in Queensland, and you need to tread very carefully 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. Having said that, this does not mean that you cannot still administer a business and engage staff as a sole trader.
If you are self-employed or a director of a business getting the appropriate advice is essential. There can be extremely serious repercussions for self-employed people who file for bankruptcy so get some advice. At Bankruptcy Brisbane we offer a free consultation so give us a call on 1300 795 575for additional information.
What If I Have Both Business and Personal Debts?
If you have a combination of personal and business debts when you go bankrupt, you might be able to have most, if not all, of it wiped. This is a complex process, 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 Brisbane we can guide you through all of your options. 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 go bankrupt, another possibility is voluntary administration. As with all these matters, get some qualified advice first, call us at Bankruptcy Brisbane on 1300 795 575 and go through the choices available to you. There is far more to this story so go to the Liquidation Section of this website for more information on how company liquidations can impact 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 impact on your business could be substantial or only a minor issue depending on your circumstances. In Queensland 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 route, like some professional licences that may well become invalid during bankruptcy. For example, a building contractor might have their Builder’s Licence suspended for the 3 years they are bankrupt, as this licence is essential for a builder to have, the significance of losing it is enormous.
Call 1300 795 575 and let Bankruptcy Brisbane give you more information so that you can make the 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 Qld 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 scenario, just like many concerning bankruptcy, is not as straightforward as it might appear. It is always a good idea to talk with the experts first so call Bankruptcy Brisbane today on 1300 795 575.