Self Employment & Bankruptcy


Will I Lose My
Small Business

If I go Bankrupt?

With the appropriate 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 as soon as 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 company getting the appropriate advice is crucial. There can be extremely serious repercussions for self-employed people who file for bankruptcy so get some advice. At Bankruptcy Advice Sunshine Coast we offer a totally free consultation so give us a call on 1300 879 867 for additional information.


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 have the chance to have most, if not all, of it wiped. This is a complex process, 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 Advice Sunshine Coast we can guide you through all of your alternatives. Call us for an obligation free chat on 1300 879 867.

What if I have Both Business and Personal Debts

Should I Put My Company Into Liquidation?

If you choose to liquidate your business you might not need to go bankrupt, another possibility is voluntary administration. As with all these matters, get some qualified guidance first, contact us at Bankruptcy Advice Sunshine Coast on 1300 879 867 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 for more information on how company liquidations can impact you.


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 879 867.

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What Impact Will Bankruptcy Have on my Business?

The effect on your business could be massive or only a minor issue depending on 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 few things to think about prior to taking this route, 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 essential for a builder to have, the impact of losing it is substantial.

Call 1300 879 867 and let Bankruptcy Advice Sunshine Coast provide you more information so that you can make the best decision.


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 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, as with many concerning bankruptcy, is not as simple as it might appear. It is always a good plan to talk with the specialists first so call Bankruptcy Advice Sunshine Coast today on 1300 879 867.