Surviving Bankruptcy in Australia
Hosted by Cheryl Stainsby
What happens when a business goes Bankrupt?
Hear stories about bankruptcy and how mum-and-dad business owners survived it. Director’s Advocate Cheryl Stainsby takes a deep dive in these Real Life Story Podcasts
These people share the stress and fear they felt, the solutions they found, how they learned from the experience and not only survived bankruptcy, but moved on and found success.
You’ll discover how bankruptcy affects your life and find out when bankruptcy is the best option. And you’ll hear answers to questions like:
• what happens when you declare bankruptcy? • is filing for bankruptcy a good thing? • how to recover from bankruptcy • and the risks associated with signing personal guarantees.
Wayne and Erin
In 2014, married couple Wayne and Erin lost their livelihood and their home when their variety store business collapsed. But the story doesn’t end there …
Keith; property investment business owner
This personal and moving story describes getting caught up in the GFC of 2007 when the banks were squeezing property investment companies out of business.
Sunk by the banks who were calling in property investment companies’ loans, without discrimination, Keith describes how it threatened his life. And he shares some advice about the importance of choosing the right business structure, including discretionary trusts, and how to handle and negotiate terms with banks and lenders.
Despite it all, Keith has moved on, survived and grown from the experience. An inspiring story – listen now.
Peter; retail business owner
From a large, successful retail business to bankruptcy and liquidation. Peter, a highly capable and hard-working businessman discusses the immense challenges of retailing which eventually led to the failure of the business.
You’ll hear about the personal trauma he suffered and how Cheryl supported Peter and his family through it. You’ll learn that his business structure protected assets and how he, against the odds, with Cheryl’s help as his Director’s Advocate, had his bankruptcy annulled.
Finally Peter reveals how he’s learned the lessons and put what he’s learned to very good use. It’s a fascinating story – hear it now.
Disclaimer: A reminder that these podcasts are general in nature, do not constitute advice and they don’t take into account your personal circumstances. If you think that some of the issues raised might apply to you, you should seek qualified financial, legal or counseling advice or contact Your Directors Advocate on 07 3340 5102.
