Business Bankruptcy Facts
When you hear of a business bankruptcy, be aware that it can mean many things. Business bankruptcy is a vague and general term. In fact, the term business is used across a range of commercial operations and describes a number of diverse legal entities. For example, a tradesman contracting to a builder under his own ABN is legally as much a business as a company listed on the stock exchange. Just ask the ATO.
You have to establish which type of business bankruptcy best services your legal and financial needs. It may be a straight-out bankruptcy, it can be an insolvency option or a business turn around strategy. We refer to these as the “insolvency options”. Most people are not familiar with the implications of these options, so it is of the utmost importance to obtain the appropriate professional help to choose the one that is best suited to your type of business. The wrong choice can destroy you financially – and you may never realise that it was avoidable. Simply put, applying an unsuitable insolvency option to a business or commercial legal entity is futile and, worse, destructive.
Business bankruptcy is not well understood and most people are not familiar with the relevant laws and vast array of options available to business related insolvency matters. Nor do they understand the need for thorough preparation. We have highly skilled consultants that can guide you safely through a business bankruptcy. In some cases, we can take care of your situation in-house, whereas other matters will require extra resources. At A1 Debt Assistance our strategies are tailored to the individual business and we will keep you informed at all times. Ultimately, our in-depth knowledge and analytical skills produce the best outcomes.