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 Queensland, 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 after 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 right advice is critical. There can be very serious consequences for self-employed individuals who file for bankruptcy so get some advice. At Bankruptcy Cairns we offer a totally free consultation so give us a call on 1300 795 575 for more 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 complicated procedure, 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 Cairns 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 might not need to go bankrupt, another option is voluntary administration. As with all these matters, get some expert advice first, call us at Bankruptcy Cairns 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 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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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 minor 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 think about prior to taking this path, like some professional licences that might become invalid during bankruptcy. For instance, a building contractor 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 impact of losing it is enormous.

Call 1300 795 575 and let Bankruptcy Cairns 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 create a Phoenix Company that rises up out of the ashes of an old one and Queensland has laws in place to prevent this from occurring. 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 straightforward as it might appear. It is always a good plan to talk with the specialists first so call Bankruptcy Cairns today on 1300 795 575.

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