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

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

Generally everyone facing Bankruptcy in Tennant Creek has this anxiety 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 complicated for you.

When it involves Bankruptcy and employment in Tennant Creek, what I would say is that you do your own prep work here, do the research and go through that process to start with before declaring bankruptcy – considering that this may really help you decide. Take a look at if your job is on the list listed here. If it is, I ‘d consult with them directly and straighten out your situation. Some affiliations won’t have a problem with your bankruptcy provided that it wasn’t accompanied by dishonest or questionable behaviour.

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

Remember in most cases you don’t need to leave the industry you are employed in; you just need to work under another’s Licence temporarily. In the building sector this is especially relevant: if you’re an electrician as an example, there is nothing stopping you collaborating with another electrician in Tennant Creek under their Licence.

Please take a look at the table below, it deals with the license and company part of Bankruptcy. It’s organized on a state by state premise, and you’ll realize that there’s a listing called “Operating a business.” Please don’t worry if you run your very own company. Just one of the limitations of bankruptcy is you can’t be a director of a company, but all this actually means is that you will have to restructure your business.

Simply for your peace of mind I’ll tell you now that you will be able to 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 own business have debts that are business related and it can come to be incredibly complicated, so it’s best to obtain some skilled advice as opposed to going it alone.

If you want 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 Experts Tennant Creek on 1300 795 575, or check out our website:


By | 2016-10-03T02:20:04+00:00 October 3rd, 2016|Bankrupt, Blog|0 Comments

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