Home – New Forums Money matters Going towards bankruptcy

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  • #987758
    max001
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    I run a small business and seems like i have to shut down the business because of poor sales and not able to pay rent for 3 months. And my lease expires in December 2015.

    Got loan and i don’t think i will be able to pay off but i will try not declare bank default so just wondering what’s the next step as i would get a notice from landlord soon regarding rent….
    Is there any way I can avoid bankruptcy?

    #1164213
    Anonymous
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    Hi max001 and welcome to Flying Solo,

    Sorry to hear that you’re going through a tough time. I hope that one of our resident financial experts will be able to give you some advice.

    In the meantime, we’re thinking of you and hope that a solution presents itself quickly.

    All the best,
    Jayne

    #1164214
    bellpro
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    Man, that sucks to hear.

    Can I ask what industry you are involved in?

    Is this an old or fairly new business?

    #1164215
    Past-Member
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    Bumping this up in case someone can help with advice …

    So sorry that you are in this position. Kudos for trying to do something about it and not ignoring the situation. I am so hoping someone may have a suggestion for a way through for you.

    #1164216
    Cooke Consulting
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    A good contact of mine may be able to assist or at least point you in the right direction:

    Name: Hakki Hassan
    email: [email protected]

    Good luck

    #1164217
    max001
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    bellpro, post: 190211 wrote:
    Man, that sucks to hear.

    Can I ask what industry you are involved in?

    Is this an old or fairly new business?

    bought a five year old business from the guy who had it for two years. it’s mixed business – Variety store….

    #1164218
    max001
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    Cooke Consulting, post: 190223 wrote:
    A good contact of mine may be able to assist or at least point you in the right direction:

    Name: Hakki Hassan
    email: [email protected]

    Good luck

    Can’t afford fees….

    #1164219
    Trisht
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    You have a few options – go back to a PAYG job, and contact the people who you owe money to, to make an arrangement to pay. You can also contact a company who may be able to organise a reduction of the debts by 20%, although this will appear on your credit reference report. You may have some assets where you can obtain the funds to pay the debt out in full. I’m a finance broker, so if you need any assistance with obtaining the funding, please let me know. Good luck – try to not go bankrupt though, it’s not worth it

    Kind Regards

    Trish

    #1164220
    TehCamel
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    my concern here is.. based on what you’ve said, it’s possible you might be trading insolvently.
    (Ie, you can’t afford to pay your bills, and you know you can’t and you can’t easily foresee when you can pay them)

    I would recommend taking a look over this
    http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/Insolvency_guide_for_directors.pdf/$file/Insolvency_guide_for_directors.pdf

    without knowing your full arrangements and witohut being an accountant or financial advisor or anything like that, I’d recommend taking a good look at your books and working out if you can continue the business and what you would need to do in order to do so.
    It may be enough to speak with the bank and get a short term holiday on your loan repayments, I don’t know.

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