Self Employment & Bankruptcy

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Will I Lose My
Small Business

If I go Bankrupt?

With the right advice, you may not have to lose your business. Company insolvency laws are complicated in the Northern Territory, 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 administer a business and employ people as a sole trader.

If you are self-employed or a director of a business getting the correct advice is crucial. There can be extremely serious repercussions for self-employed people who file for bankruptcy so get some professional advice. At Bankruptcy Experts Darwin we offer a complimentary consultation so give us a call on 1300 795 575 to find out more.

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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 may have the chance 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 Experts Darwin 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
should-i-put-my-company-into-liquidation-Recovered

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 Darwin on 1300 795 575 and go through the options available to you. There is a lot more to this story so go to the Liquidation Section of this website to learn more 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 impact on your business could be substantial or only a slight concern 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 consider prior to taking this route, like some professional licences that may become invalid during bankruptcy. For instance, a builder might have their Builder’s Licence suspended for the 3 years they are bankrupt, as this licence is essential for a builder to have, the impact of losing it is huge.

Call 1300 795 575 and let Bankruptcy Experts Darwin 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 establish a Phoenix Company that rises up out of the ashes of an old one and the NT 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 absolutely nothing had happened. This situation, just like many concerning bankruptcy, is not as simple as it might appear. It is always a good idea to talk with the experts first so call Bankruptcy Experts Darwin today on 1300 795 575.

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