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Operating a business during bankruptcy

Discussion in 'Find the help you need' started by SVSarah, Feb 18, 2016.

  1. SVSarah

    SVSarah New Member

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    Hi everyone!
    Is there anyone who runs a business while in undischarged bankruptcy?
    I am about to start an online store and trying to get an answer for a few questions.
    One of the conditions of bankruptcy is to operate under my own name or disclose bankruptcy status to everyone I deal with.
    If operating Internet store under my own name, can I still have a different domain name? What about a website? Brand name?
    I have read somewhere that all the legal documents has to say that I am trading under my own name.
    Does it mean that if I sell product online, which will be my own brand, I can use any name for my brand or it has to be my real name and surname?
    If so can I use the same brand name for my domain, logo etc. however all the legal documents like invoices, letters, business cards, website have to say that I am trading under my own name?
    Any personal experience or insolvency lawyer advice would be highly appreciated.
    Thank you
    Sarah
  2. CaraTee

    CaraTee Member

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    Hi Sarah

    I have no expertise or knowledge of what you are asking so no help there but hopefully someone knows

    I was posting because I'm really curious about the bankrupcy side of thing. Any information and or lessons you would be willing to share with a newbie like me would be helpful.

    It's a bit of a taboo subject and very overwhelming to think about and it's something I assume most ppl want to avoid but it happens (and prob a lot) I was just wondering if there was anything you know now that could benefit ppl on the other side

    No problems if it's possible to discuss

    Best of luck with the new venture
  3. [Former] FS Concierge

    [Former] FS Concierge Well-Known Member

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    Hi Sarah, and thanks for joining the forum :)

    I hope that one of our legal experts will be able to give you some advice on this.

    All the best,
    Jayne
  4. SVSarah

    SVSarah New Member

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    Hi CaraTee
    Hi CaraTee,
    You are right! Bankruptcy is a taboo and people do not like talking about it.
    I become liable for my partner's debt. Its really individual and everyone's circumstances are different. you would be surprised how many people you know are bankrupt. If you keep it in secret even your best friend will not find out.
    I was first very against filing bankruptcy and wanted to fix the liability however I came to a conclusion that bankruptcy would be a best option for my family at the time. There are many people who become bankrupt because of not being pay loan repayments due to illness or some health issue of their family member.
    What effect the bankruptcy has on your life really depends on the assets you had, occupation, income and other. For some it could be matter of selling everything they have. For other who do not have any valuable assets it could have not a big impact on their life apart from being on black list for a 3 years.
  5. SVSarah

    SVSarah New Member

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    Hi Jayne,
    Thank you!
    Should I contact them directly or just wait for a reply here?
    Sorry for a silly question :) I am quite new to flyingsolo.
    Many thanks again
  6. [Former] FS Concierge

    [Former] FS Concierge Well-Known Member

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    Hi Sarah,

    Best to wait for a reply here.

    We'll put a shout out on social media and see if we can rustle up any responses for you.

    Good luck,
    Jayne
  7. Shes Got You Sorted

    Shes Got You Sorted New Member

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  8. TehCamel

    TehCamel Active Member

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    Firstly, I'm not an accountant, or lawyer, or have any experience with bankruptcy. However, some of your questions seem (to me) to be straight forward


    - Yes, you should be able to have a different domain name, just make sure the domain name is held in your name and on your site it actually states it's you, as an individual, doing the trading.

    That's easy, your invoice just says the sale is from you as an individual, quotes your ABN.

    I would think you primarily have to use your own name.

    You might use something like "Joe Blogs, ABN 11 223456, T/As MyBrand"
    that way it's very clear you're trading under your own name

    but i'd check this out a bit more thoroughly,rather than just relying on what i wrote above

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