Self Employment & Bankruptcy

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Will I Lose My
Small Business

If I go Bankrupt?

With the appropriate advice, you may not need to lose your business. Company insolvency laws are complicated in the Northern Territory, and you need to tread cautiously around this to continue to be self-employed. Of course, you can no longer be a Director of a Pty Ltd company when you declare yourself bankrupt. Having said that, 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 company getting the right advice is critical. There can be extremely significant repercussions for self-employed people who file for bankruptcy so get some advice. At Bankruptcy Experts Alice Springs we offer a complimentary 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 go bankrupt, you may 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 Alice Springs 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 might not need to have to go bankrupt, another possibility is voluntary administration. As with all these matters, get some professional guidance first, call us at Bankruptcy Experts Alice Springs on 1300 795 575 and go through the choices available to you. There is much 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 impact on your business could be massive or only a slight issue depending upon your circumstances. In the Northern Territory 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 path, 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 huge.

Call 1300 795 575 and let Bankruptcy Experts Alice Springs provide you more information so that you can make the very 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 put together a Phoenix Company that rises up out of the ashes of an old one and the Northern Territory 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 situation, just like many concerning bankruptcy, is not as simple as it might appear. It is always a good plan to talk with the experts first so call Bankruptcy Experts Alice Springs today on 1300 795 575.

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