if your business becomes bankrupt does it mean you also lose your house etc. if they are not part of the business or the business name
nothing as yet
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I am sorry but i am in an area with poor internet coverage and the answer disappeared. I apologise for this as I posted an answer which mysteriously just didnt get there.
The answer is that this depends on whether your business is registered as a company, and it is the company debt which you cannot pay. If this is the case then the company will go into liquidation. You are safe unless there are some debts owed by the company which you have personally guaranteed. If that is the case, the creditors will then enforce the debt against you personally which will include your house etc. If you are an individual trading as a business name, and go bankrupt, then all of your assets will pass to the official assignee in bankruptcy including your house. If you own a house jointly with your wife/partner that persons interest will be protected, although you will have to pay out the value of your share to the official assignee
LLB MMgt FAMINZ 32 years qualified as lawyer
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