Self Employment & Bankruptcy

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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 New South Wales, 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 administer a business and employ people as a sole trader.

If you are self-employed or a director of a company getting the appropriate advice is critical. There can be extremely serious repercussions for self-employed individuals who file for bankruptcy so get some advice. At Bankruptcy Experts Wollongong we provide a free 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 mix of personal and business debts when you declare bankruptcy, you may have the chance 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 as well. Whether you operate as a Sole Trader, Partnership, Company, or Trust, at Bankruptcy Experts Wollongong 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 have to go bankrupt, another possibility is voluntary administration. As with all these matters, get some professional guidance first, contact us at Bankruptcy Experts Wollongong on 1300 795 575 and go through the options available to you. There is far more to this story so go to the Liquidation Section of this website to find out more 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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What Impact Will Bankruptcy Have on my Business?

The impact on your business could be massive or only a slight concern depending on your circumstances. In NSW 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 think about prior to taking this route, like some professional licences that may well 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 critical for a builder to have, the significance of losing it is huge.

Call 1300 795 575 and let Bankruptcy Experts Wollongong 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 establish a Phoenix Company that rises up out of the ashes of an old one and New South Wales 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 absolutely nothing had happened. This scenario, as with many concerning bankruptcy, is not as uncomplicated as it might seem. It is always a good idea to talk with the specialists first so call Bankruptcy Experts Wollongong today on 1300 795 575.

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