Going Bankrupt in Australia appears to hide in the shadows of both the business world and our personal lives. It’s the paramount taboo subject. The concern is perception– because in reality bankruptcy is simply a tool that we can use to protect ourselves, and rich people know this. Rich people have worked out that insolvency is a vital part of staying in business, at times things don’t work out like you had intended, that the market has changed and the numbers simply don’t work anymore. If you are running a small business in Dubbo, then listen, 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 reaction, employees have lost their jobs and an entire community will be impaired by the sudden shut down of the mine. In a similar way we have also seen the drop-off of the Dick Smith’s chain of customer electrics, as you have probably noticed around Dubbo– nonetheless this has been met with far less resentment in the community.
Regardless, both have folded and yet both high profile owners are still rich and worth millions of dollars. So how does that work? How can these people have basically 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 concerns businesses, there is usually a risk that you are going to fail, and this is no different when compared to a small business in Dubbo than it is to taking a look at a large corporation– there is always risk, and there is always a way to minimize the risk.
First of all, there are clear ways to protect assets in your business projects, ways to split up your assets and basically place a wall between a business, and your home and car. Often this takes the shape of a legal trust, if you wish to find out more about this then talk with a professional when creating your Dubbo business. However this really has to be done before you start having concerns.
The 2nd thing that you should discover Going Bankrupt from this is that often there will be a time when you will have to step back from this business that is failing and know when to call an end to it. That is what has happened with Clive Palmer and Dick Smith– both have been managing businesses long enough to figure out when it is not going to succeed any longer therefore they pull the plug instead of going down with the ship.
Ultimately, Going Bankrupt is considered a horribly demanding decision loaded with stigma, and we should remove this, because some of the most successful and wealthy people around the world have declared bankruptcy numerous times.
Some of the biggest issues that numerous people have in Dubbo 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 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 understand that you have 2 options: fight or retreat – and the same can be said of business. If you fight with a struggling business in certain cases you can save it, but typically you will be engulfed by the flames. But if you are smart you will retreat, let the establishment of Bankruptcy help douse the flames and save your house. As with any part of life, this is a hard decision, and this is one that you should rarely make without expert advice, but don’t dread 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 get in touch with Bankruptcy Experts Dubbo on 1300 795 575, or visit our website: www.bankruptcyexpertsDubbo.com.au.