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 have 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 once you declare yourself bankrupt. However, this does not mean that you cannot still manage a business and employ people as a sole trader.

If you are self-employed or a director of a business getting the appropriate advice is critical. There can be extremely serious consequences for self-employed people who file for bankruptcy so get some professional advice. At Bankruptcy Experts Port Stephens we offer a totally 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 might have the chance to have most, if not all, of it wiped. This is a complicated process, but it is possible. Personal insolvency does not automatically imply business bankruptcy also. Whether you operate as a Sole Trader, Partnership, Company, or Trust, at Bankruptcy Experts Port Stephens 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 may not need to have to declare bankruptcy, another option is voluntary administration. As with all these matters, get some expert advice first, contact us at Bankruptcy Experts Port Stephens 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 additional information on how company liquidations can impact 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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What Impact Will Bankruptcy Have on my Business?

The effect on your business could be massive or only a slight issue depending upon 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 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 critical for a builder to have, the significance of losing it is huge.

Call 1300 795 575 and let Bankruptcy Experts Port Stephens provide you more information so that you can make the best choice.

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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 taking place. 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, just like 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 Port Stephens today on 1300 795 575.

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