Going Bankrupt in Australia tends to hide in the shadows of both the corporate world and our personal lives. It’s the utmost taboo subject. The concern is perception– because in truth bankruptcy is basically a tool that we are able to use to protect ourselves, and rich people know this. Rich people have discovered that insolvency is a crucial part of being in business, in certain cases 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 managing a small business in Adelaide, then pay attention, because (and not to sound too dramatic) getting to know this may help you to save your business, car, house and family.
With the recent end and liquidation of Clive Palmer’s nickel mine there has been a community reaction, workers have lost their jobs and an entire community will be affected by the sudden shut down of the mine. Likewise we have also seen the loss of the Dick Smith’s chain of customer electrics, as you have probably noticed around Adelaide– nevertheless this has been met with far less resentment in the community.
Regardless, both have closed and yet both high profile owners are still rich and worth millions of dollars. So how does that work? How can these individuals have effectively had a huge business failure, and yet had this barely affect their personal wealth? It is due to the fact that they know the nuances of Going Bankrupt.
When it concerns businesses, there is always a risk that you will fail, and this is no different when compared to a small business in Adelaide than it is to taking a look at a large corporation– there is always risk, and there is always a way to mitigate the risk.
To start with, there are clear ways to protect assets in your business projects, ways to separate off your assets and essentially place a wall in between a business, and your home and car. Often this takes the shape of a legal trust, if you wish to learn more about this then talk to a professional when developing your Adelaide business. However this really should be done before you start having problems.
The next thing that you need to discover Going Bankrupt from this is that often there will be a period of time when you will want to step back from this business that is failing and know when to call an end to it. That is what has occurred with Clive Palmer and Dick Smith– both have been controling businesses long enough to understand when it is not going to succeed any longer and so they pull the plug rather than going down with the ship.
Ultimately, Going Bankrupt is considered a horribly challenging decision full of stigma, and we need to remove this, because some of the most successful and rich people around the world have declared bankruptcy numerous times.
Amongst the biggest problems that many people have in Adelaide is that business owners are not willing to just stand back from the situation and think critically. Because often there is not going to be a moment 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 need to fight to the bitter end.
If you have ever lived in a Bushfire sensitive 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 most of the time 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 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 hesitate to turn to Going Bankrupt when you have to.
If you really would like to learn more about some of your options when it concerns 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 Adelaide on 1300 795 575, or visit our website: www.bankruptcyexpertsadelaide.com.au.