Going Bankrupt in Australia appears to sneak in the shadows of both the professional world and our personal lives. It’s the paramount taboo subject. The problem is perception– because in reality bankruptcy is merely a tool that we are able to use to protect ourselves, and rich people know this. Rich people have figured out that insolvency is an important part of being in business, sometimes things don’t work out like you had planned, that the market has evolved and the numbers simply don’t work anymore. If you are running a small business in Brisbane, then pay attention, because (and not to sound too dramatic) learning more about this may help you to save your business, car, house and family.
With the recent closure and liquidation of Clive Palmer’s nickel mine there has been a community backfire, workers have lost their jobs and an entire community will be impacted by the sudden shut down of the mine. In a similar way we have also seen the fall of the Dick Smith’s chain of consumer electrics, as you have probably noticed around Brisbane– however this has been met with far less shock in the community.
Regardless, both have closed and yet both high profile owners are nonetheless rich and worth millions of dollars. So how does that work? How can these individuals have essentially had a huge business failure, but had this barely affect their personal wealth? It is due to the fact that they understand the nuances of Going Bankrupt.
When it comes to businesses, there is usually a risk that you may fail, and this is no different when compared to a small business in Brisbane than it is to looking at a large corporation– there is always risk, and there is always a way to reduce the risk.
To start with, there are clear ways to protect assets in your business enterprises, ways to separate your assets and ultimately place a wall between a business, and your home and car. Often this has the shape of a legal trust, if you would like to find out more about this then talk with a professional when establishing your Brisbane business. However this really should be done before you start having problems.
The other thing that you have to find out about Going Bankrupt from this is that often there will be a time when you will want to step back from the business that is failing and know when to call an end to it. This is what has happened with Clive Palmer and Dick Smith– both have been taking care of businesses long enough to understand when it is not going to be successful any longer so they pull the plug instead of going down with the ship.
Ultimately, Going Bankrupt is seen as a horribly challenging decision loaded with stigma, and we have to remove this, because some of the most successful and wealthy people around the world have declared bankruptcy numerous times.
One of the biggest concerns that numerous people have in Brisbane is that business owners are not ready to just stand back from the problem and think critically. Because frequently there is not going to be a time when you can safely and securely just ‘call it quits’, but you need to realise when fighting on is just going to do more harm than good – because you don’t have to fight to the bitter end.
If you have ever lived in a Bushfire prone area you would know that you have 2 options: fight or retreat – and the same can be said of business. If you fight with a failing business in some cases you can save it, but generally you will be engulfed by the flames. But if you are smart you will retreat, let the organization of Bankruptcy help snuff the flames and save your home. Similar to any part of life, this is a hard decision, and this is one that you should rarely make without professional advice, but don’t fear to turn to Going Bankrupt when you have to.
If you really would like to learn more about some of your options when it comes to Going Bankrupt – such as what to do, where to turn and what questions to ask about Going Bankrupt, then feel free to talk to Bankruptcy Experts Brisbane on 1300 795 575, or visit our website: www.bankruptcyexpertsBrisbane.com.au.