When a business gets into trouble, the damage does not always stay inside the business.
As Alan Bond discovered, business failure can become personal very quickly.
In this episode of Podcast My Business, Tony Skinner speaks with Chris Baskerville, Partner at Jirsch Sutherland Insolvency Solutions, about what happens when business debt, personal pressure, bankruptcy and restructuring collide.
This conversation looks at the rise in personal and business insolvencies, the risks directors face, how personal and company finances can become tangled, and why acting early can make a major difference.
Chris also explains the options people may have before and after bankruptcy, including personal insolvency agreements, restructuring pathways and the importance of understanding cash flow before the pressure becomes too great.
In this episode, we cover:
Why personal and business insolvencies are rising
How business debt can become personal pressureSole traders
Companies and liability structures
Director liability and tax debt
Phoenixing and legal consequences
Bankruptcy and restrictions on managing companies
