If the owners / business could not pay off its debts when they fall due, and have not been able to reach an agreement with the creditors, as a sole proprietor or partner, you may decide to go bankrupt.
Bankruptcy will affect your daily life. Among other things:
· you may find it difficult to borrow money,
· you must have written permission from your trustee to travel overseas,
· it could affect your job opportunities, and
· a bond or surety is needed to secure rent, electricity, water or telephone connections.