If one is going into a business deal, is it possible for me to see if
someone has a bankrupt record?
Regards
Doug
See
http://www.itsa.gov.au/dir228/itsaweb.nsf/docindex/creditors-%3Enpii-%3Enpii?opendocument .
But it is easy for a person to set up the normal $2 company. If it goes
bust, the person is not bankrupted. It means that only the less
well-informed person is ever made bankrupt.
It appear you need the address, DOB and name, which you may not get if you
are dealing with them in business.
Thanks guys for the feedback.
Regards
>
> But it is easy for a person to set up the normal $2 company. If it goes
> bust, the person is not bankrupted. It means that only the less
> well-informed person is ever made bankrupt.
Except that lenders will look for personal guarantees, and so may
trade creditors eg landlords (almost universal practice), phone
companies, power companies, etc.
A business owner may be able to minimise such exposure with a high
interest low doc loan and seeking out as far as possible suppliers who
do not wnt cash on the nail or personal guarantees.
Ok. So the person concerned, taking advice, ensures that they have no assets
that can be attached by creditors. The assets are held by a $2 company in
the usual way. A personal guarantee is then worthless, and there is no
point in bankrupting such a person. Agreed?