FAQs

Get the quick answers to the Frequently Asked Questions

• What happens to tools of trade I have for my work/business?
• Will I lose my car?
• Will I lose my home?
• Will I have to make payments from my income?
• Can I travel overseas?
• How long does the bankruptcy last for?
• Who will know about the bankruptcy?
• Can a bankruptcy be annulled?
• What will happen to my credit rating?
• What will happens to builders' license?
• What will happen to my trade/professional license/membership e.g. real estate license | solicitors | travel agents
• What is voluntary administration?
• What's the criteria for a small business restructure?
• What if I'm not eligible for small business restructuring?
• What is liquidation?
• Can I apply for liquidation voluntarily?
• What if I'm a sole trader?
• What happens to my employees if my business is wound up?
• Can I still trade my business if I'm insolvent?
• What is the new simplified liquidation process?
• What is receivership?
• Who is a secured creditor?
• Who is an unsecured creditor?
• What's changed to make the liquidation simplified?
• What's our role as a small business restructuring practitioner?
• What if I want to choose the simplified liquidation pathway but my company is solvent?