If my business fails, can I still work in my field or expertise?
2 mins reading time
Certain jobs are affected by formal insolvent appointments, so consider Safe Harbour protection as an alternative.
If you become bankrupt personally then it may affect your ability to run a business as an accountant, registered builder/ electrician/ plumber/ gas fitter, private investigator, solicitor, tax agent, or hold a gaming or liquor license. You can’t be a director at all if you are a bankrupt.
One of the most common problems, that is often overlooked, is that you will find it hard to obtain credit during or after a formal appointment.
If you are the director of a company that enters into Administration or Liquidation then it may affect your ability to, amongst others:
- be the director of an ASX listed company if you were a director of two or more companies that were liquidated within 1 year of your resignation in the last 10 years, the ASX might not accept your appointment; and
- maintain a building license in Queensland.
Should you know about other professions or industries that restrict persons trade if they have experienced formal insolvency appointments, please contact us on www.safeharbournet.com.au
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If my business fails, can I still work in my field or expertise?
Certain jobs are affected by formal insolvent appointments, so consider Safe Harbour protection as an alternative.
If you become bankrupt personally then it may affect your ability to run a business as an accountant, registered builder/ electrician/ plumber/ gas fitter, private investigator, solicitor, tax agent, or hold a gaming or liquor license. You can’t be a director at all if you are a bankrupt.
One of the most common problems, that is often overlooked, is that you will find it hard to obtain credit during or after a formal appointment.
If you are the director of a company that enters into Administration or Liquidation then it may affect your ability to, amongst others:
- be the director of an ASX listed company if you were a director of two or more companies that were liquidated within 1 year of your resignation in the last 10 years, the ASX might not accept your appointment; and
- maintain a building license in Queensland.
Should you know about other professions or industries that restrict persons trade if they have experienced formal insolvency appointments, please contact us on www.safeharbournet.com.au