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June 28, 20160

Bankruptcy in Darwin – Am I going to lose my job if I go bankrupt?

Posted by:Bankruptcy Specialist onJune 28, 2016

Basically everyone facing bankruptcy in Darwin has this concern about their job, and the answer to the question is ‘maybe’. The problem with some occupations isn’t that you cannot do the job any longer, it’s more a concern of professional bodies or organizations that view bankruptcy in a dim light and can keep it difficult for you.

When it involves bankruptcy and employment in Darwin, what I would say is that you do your very own investigation here, do the research and go through that process first before declaring bankruptcy – considering that this may really help you decide. Take a look at if your job is on the list listed below. If it is, I ‘d consult with them directly and clear up your situation. Some affiliations won’t have a problem with your bankruptcy just as long as it wasn’t accompanied by dishonest or questionable behaviour.

If you are affected by this area of bankruptcy and licences, in many cases you will likely not lose your Licence permanently; it just gets suspended for the 3 years of your bankruptcy. If your profession happens to be on the checklist and you’ve talked to them but they won’t budge, then I ‘d suggest you seek some qualified advice. This may be one of those uncommon times when I ‘d endorse using a Debt Agreement or a Personal Insolvency Agreement.

Remember in many cases you don’t have to get out of the industry you are working in; you just need to work under another’s Licence for a time. In the building sector this is especially important: if you’re an electrician for example, there is nothing stopping you working with another electrician in Darwin under their Licence.

Please check out the table below, it deals with the license and company aspect of bankruptcy. It’s prepared on a state by state premise, and you’ll discover that there’s a listing called “Operating a business.” Please don’t stress if you run your very own company. One of the limitations of bankruptcy is you can’t be a director of a company, but all this really means is that you will have to restructure your business.

Simply for your peace of mind I’ll tell you now that you can still own and run this company as a sole trader. There are no limitations: you can hire staff and turn over any amount of money. Typically people who run their personal business have debts that are business related and it can come to be incredibly complicated, so it’s best to obtain some experienced advice instead of going it alone.

If you would like to learn more about what to do, where to turn and what questions to ask about bankruptcy, then feel free to get in touch with Bankruptcy Darwin on 1300 818 575, or go to our website: www.bankruptcy-darwin.com.au.

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