When people in
Alice Springs come to me trying to speak about Bankruptcy, they are usually filled with questions. The internet
has plenty of information, but far too much of it is baffling or contradicts
itself, so I make it my mission to try and make things more clear. One of the
most natural worries is 'Will I lose my business if I declare bankruptcy?' The
quick answer is no. If you are an owner of a business any shape or size you can
keep your business if you would like to. In Alice Springs, businesses that
eventually become insolvent have a few options such as liquidation, voluntary
administration and so on. It's individuals who go bankrupt not companies.
Bankruptcy is a
complex area so get some reliable advice on this if you have a business.
Generally speaking, the debts in a business and personal debts go hand in hand
when a business owner goes bankrupt. There are some essential implications for
directors of companies when it pertains to Bankruptcy in Alice Springs: A
bankrupt can not be a director of a company, so if you have a pty ltd company
you are going to need to resign as a director as soon as you're bankrupt.
A restriction
that applies when you are generally bankrupt as a business owner is that you
may be in your very own business as a sole trader only. There are things you
should reveal as an aspect of that but generally you can still run your
company. For some business owners, bankruptcy affects their ability to run the business
because of the licensing issues. Such as, if you run a building company, your
license will be suspended once you're bankrupt and as a consequence you can no
longer trade without that license, so make sure you are asking the ideal
questions when it concerns licenses and Bankruptcy in Alice Springs.
Having said that
if your business is not impacted directly by such issues, then you'll will need
to restructure the way you run your business. There are considerations when and
if you go bankrupt as a business owner: you can not acquire heaps of debt in
your business, then go bankrupt and afterwards open the doors the next day like
almost nothing had happened. There are laws in place to avoid what is called
phoenix companies popping up out of the ashes of an old business.
Having said
that, it's just an issue of speaking to the best people about Bankruptcy. Here
in this circumstance you may believe you need a liquidator for your business,
and you might be right, but bear in mind that every liquidator is unique and
have their own motives. Liquidators earn money from your liquidation - heaps of
money - so what advice do you think you will get?
When it comes to
Bankruptcy, I believe that giving generic advice in this area is possibly
damaging as it can have very serious implications for directors and business
owners. This is because it is just one of those cases where what the right
guidance for one business owner is the inappropriate advice for the other.
There are some basics however, that you may benefit from. There is no reduce to
the size of the business you run though you are bankrupt. You can employ staff.
You can continue to deal with your providers under certain conditions, the main
one being you will need to meet the payment terms agreed upon.
So when it
concerns Bankruptcy, don't get extremely uneasy about what you can and can't do
as a business owner, just get the right advice ... If you want to learn more
about what to do, precisely where to turn and what questions to ask about Bankruptcy,
then feel free to call Bankruptcy Experts Alice Springs on 1300 795 575, or
visit our website:.bankruptcyexpertsAlice Springs.com.au.
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