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Bankruptcy and Self Employment

Bankruptcy and Self Employment

 

How long is it when you can open your own business when your bankrupt ?

Answer

If you are referring to a Directorship, it will be possible once you have completed the 12 month bankruptcy period. There are no restrictions for sole traders or self employed people. However there are no restrictions with a undischarged bankrupt going about his or her business as a sole trader. There are a few provisions to adhere to but this is a very common practice and can be the fastest way to write off debt and have a fresh start. If this is something you are considering then speak to one of our advisors for more information.

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