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 have to lose your business. Company insolvency laws are complicated in Queensland, 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 as soon as you declare yourself bankrupt. Having said that, 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 correct advice is essential. There can be extremely serious consequences for self-employed people who file for bankruptcy so get some professional advice. At Bankruptcy Experts Emerald we offer a totally free consultation so give us a call on 1300 795 575 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 declare bankruptcy, you might have the chance to have most, if not all, of it wiped. This is a complex procedure, 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 Experts Emerald 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 qualified guidance first, call us at Bankruptcy Experts Emerald on 1300 795 575 and go through the choices 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

Get your FREE copy of the Big 5

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What Impact Will Bankruptcy Have on my Business?

The effect on your business could be massive or only a slight issue depending upon 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 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 crucial for a builder to have, the impact of losing it is substantial.

Call 1300 795 575 and let Bankruptcy Experts Emerald give 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 Queensland 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, as with many concerning bankruptcy, is not as straightforward as it might appear. It is always a good plan to talk with the experts first so call Bankruptcy Experts Emerald today on 1300 795 575.

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