bankruptcy

If your business is in trouble, it can lead to fear, uncertainty and many questions. Find the answers and understand the requirements for being a director here.

After years of working to build your business from the ground up, the thought of losing it all because your personal finances are dire is a nightmare. It is still possible to keep trading as a sole trader if you are bankrupt or personally insolvent.

Let us help you understand the benefits of engaging a private, Registered Bankruptcy Trustee.

If you have unmanageable debt and your weekly income doesn’t cover your day-to-day living expenses, you might be facing personal insolvency. Personal Insolvency is defined as a situation where you are unable to pay your debts when they fall due.

Entering bankruptcy does not normally prevent you from working. However, when you earn as a bankrupt, you may be required to pay income contributions towards your bankrupt estate. Whether you pay, and how much you pay, depends on your income.

Personal Insolvency tends to lead to Bankruptcy or a Debt Agreement. If a company is found to be Insolvent, it is possible that it will lead to Liquidation,