Bankruptcy in Gold Coast - Will I lose my business if I go bankrupt?

When people in Gold Coast come to me planning to speak about Bankruptcy, they are constantly packed with questions. The internet has lots of information, but far too much of it is confusing or contradicts itself, so I make it my mission to try and make things clearer. One of the very most universal problems is 'Will I lose my business if I declare bankruptcy?' The concise answer is no. If you are a manager of a business any shape or size you can keep your business if you wish to. In Gold Coast, businesses that become insolvent have a few options just like liquidation, voluntary administration and so on. It's people who go bankrupt not businesses.

Bankruptcy is a complicated area so get some reliable advice on this if you have a business. Generally speaking, the debts in a business and personal debts go together when a business owner declares bankruptcy. There are some essential implications for directors of companies when it comes to Bankruptcy in Gold Coast: A bankrupt can not be a director of a company, so if you have a pty ltd company you will likely need to resign as a director soon after you're bankrupt.

A limitation that applies when you are generally bankrupt as a business owner is that you may be in your own business as a sole trader only. Generally there are things you have to reveal as an aspect of that but basically you can still run your company. For some business owners, bankruptcy impacts 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 not trade without that license, so make sure you are asking the best questions when it concerns licenses and Bankruptcy in Gold Coast.

But if your business is not impacted directly by such issues, then you'll 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 rack up heaps of debt in your business, then go bankrupt and after that open the doors the next day like virtually nothing had happened. There are laws in place to avoid what is called phoenix companies popping up out of the ashes of an old company.

Having said that, it's just an issue of speaking to the best people about Bankruptcy. In this circumstance you may think you need a liquidator for your company, and you may be right, but keep that in mind every liquidator is different and have their own motives. Liquidators make money from your liquidation - heaps of money - so what advice do you believe you will get?

When it comes to Bankruptcy, I consider that giving generic advice in this area is possibly risky as it can have very significant implications for directors and business owners. This is because it is just one of those cases where what the right advice for one business owner is the incorrect advice for the other. There are some fundamentals however, that you may benefit from. There is no limit to the size of the business you run though you are bankrupt. You can employ staff. You can constantly deal with your vendors under certain conditions, the main one being you will need to meet the payment terms agreed upon.

So when it comes to Bankruptcy, don't get overly confused about what you can and can't do as a business owner, just get the best advice ... If you want to learn more about what to do, exactly where to turn and what questions to ask about Bankruptcy, then feel free to consult Bankruptcy Advice Gold Coast on 1300 879 867, or visit our website: www.bankruptcy-advice.com.au/Gold Coast .