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 Victoria, 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 once you declare yourself bankrupt. However, this does not mean that you cannot still administer a business and engage people as a sole trader.

If you are self-employed or a director of a company getting the right advice is critical. There can be very significant consequences for self-employed individuals who file for bankruptcy so get some advice. At Bankruptcy Experts Shepparton we provide 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 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 complicated procedure, but it is possible. Personal insolvency does not automatically imply business bankruptcy as well. Whether you are in business as a Sole Trader, Partnership, Company, or Trust, at Bankruptcy Experts Shepparton we can assist 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 go bankrupt, another possibility is voluntary administration. As with all these matters, get some expert guidance first, contact us at Bankruptcy Experts Shepparton 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 to find out more 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 minor concern depending upon your circumstances. In Victoria 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 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 significance of losing it is substantial.

Call 1300 795 575 and let Bankruptcy Experts Shepparton provide 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 Victoria 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 nothing had happened. This scenario, just like many concerning bankruptcy, is not as simple as it might seem. It is always a good plan to talk with the experts first so call Bankruptcy Experts Shepparton today on 1300 795 575.

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