Bankruptcy During Covid-19

The swift and stark economic downturn experienced during COVID-19 and its adverse effects on business have brought companies on their feet, causing a serious situation where they have to survive on bare-minimum.

What Does it Mean For a Business to Go Bankrupt?

Bankruptcy refers to a legal process where the business is unable to pay off its debts. There are two main types of bankruptcies:

• Voluntary Bankruptcy: where an insolvent debtor decides to lodge a petition in the court to declare himself or herself as bankrupt.
• Involuntary Bankruptcy: a legal proceeding where the creditors force a business to be declared bankrupt when they do not get their money back.

How Has COVID-19 Led to Bankruptcies?

Succumbing to the implications brought by the COVID-19 pandemic, every business is struggling to make do with the situation at hand. Companies like Hertz and J. Crew have already filed for bankruptcy: the coronavirus has exposed many companies to a range of financial risks, and coming out of this mess may sound like a tough job, nut need not be.

What Can Brisbane Debt Solutions Do to Help You?

At Brisbane Debt Solutions, we can help you with:

• Our trustees, liquidators, lawyers, accountants, and advisors who will guide you through these difficult times and provide honest yet helpful advice together with all the necessary paperwork.
• Our prices are extremely reasonable and affordable because we understand that your finances may be tough already.
• We will help you consider your current circumstances and advice over your future business prospects before concluding.

Avail your first free consultation today and get in touch by clicking here!