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 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 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 critical. There can be extremely significant consequences for self-employed people who file for bankruptcy so get some professional advice. At Bankruptcy Experts Newcastle 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 combination of personal and business debts when you declare bankruptcy, 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 operate as a Sole Trader, Partnership, Company, or Trust, at Bankruptcy Experts Newcastle we can assist 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 declare bankruptcy, another possibility is voluntary administration. As with all these matters, get some qualified guidance first, contact us at Bankruptcy Experts Newcastle 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 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 substantial or only a slight issue 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 consider before taking this route, like some professional licences that may well become invalid during bankruptcy. For instance, 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 enormous.

Call 1300 795 575 and let Bankruptcy Experts Newcastle give 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 nothing had happened. This scenario, as with 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 Experts Newcastle today on 1300 795 575.

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