The directors of Bryan Byrt Auto Group in Brisbane have declared personal bankruptcy following the $70 million collapse of their auto dealership.

Both John and Brendon Crowley are reported to have only $200 each left in their bank accounts.

The Bryan Byrt group collapsed in November last year, owing funds to various creditors ranging from small tyre dealers to big banks ANZ and NAB. According to the Australian Financial Security Authority (AFSA), they also owe funds to credit card companies and the Australian Taxation Office.

John’s creditors were owed a total of around $18.7 million, while Brendon’s creditors were owed around $37 million.

ANZ chased both John and Brendon over guarantees for loans made to Bryan Byrt. In March, ANZ won a legal ruling against them, demanding $18.5 million.

When a business or company collapses, the personal finances of its directors, owners and employees become at risk of being affected.

According to AFSA, in the June quarter of 2015 a total of 1,160 Australian debtors reported that their personal insolvency stemmed from business-related reasons.

968 people across all states and territories declared bankruptcy due to their proprietary interest in a business. The most affected states were Queensland, with 332 bankrupts, followed by NSW with 247 and Western Australia with 114.

At Australian Bankruptcy Services (ABS), we assist Australians with what is one of the most daunting financial decisions they are ever likely to face. Our experienced consultants provide expert advice on whether bankruptcy is the most appropriate solution for them or whether other, less serious alternatives are viable.

Should we determine that bankruptcy is the only option, our Registered Trustee can assist in the administration of voluntary bankruptcy, including the lodgement of bankruptcy forms with AFSA.

To learn how our team can help you, call ABS today on our free hotline at 1800 462 767.