Book a meeting Search Search
Brisbane

33 Browns Dip Road,
Enoggera QLD 4051
+61 0448 139 340

If you would like specialist confidential advice on your options, please contact us to find out how we can help you.

Fill our the form below, or simply call us on +61 448 139 340 to get in contact.

If my business fails, can I still work in my field or expertise?

18 April 2022 Communications & PR Executive Abigail Cheadle e: abi@mcorpadvisory.com.au d: +61 448 139 340 m: +61 448 139 340
Read Time 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

Stay up to date with our news & insights

If my business fails, can I still work in my field or expertise?

18 April 2022 Abigail Cheadle e: abi@mcorpadvisory.com.au d: +61 448 139 340 m: +61 448 139 340

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