Will My Business Be Affected?
There are limitations for business owners that are insolvent. For example, as a bankrupt business owner, you can only own a business as a sole trader. For some business owners, bankruptcy can impact their capability to manage the business due to licensing issues.
For instance, a builder (in some states) with a builder’s license will have their license suspended for the 3 years of bankruptcy. There are other ramifications for business owners who continue to trade while insolvent.
If you want to know more about self-employment and bankruptcy please do not hesitate to phone us for a free no-obligation consultation on 1300 795 575.
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