eCommerce (or Electronic Commerce) refers to conducting transactions over the internet pertaining to the buying and selling of products and services. It also includes other support functions of online transactions such as internet banking, transaction processing, auctions etc. The possibility of conducting monetary transactions over the internet has been the subject of much debate due to the potential security concerns, although the rapid development of internet and cybersecurity technology has allowed transactions to occur in relative safety, allowing millions of dollars of transactions to occur every hour through the internet in the modern era. The internet is home to several ecommerce sites such as eBay and Amazon which allow companies to sell their products through them. Alternatively, businesses have the option of setting up their own ecommerce sites which require them to obtain the services of organisations such as ecommerce web developer Brisbane or make use of ready-made ecommerce websites which can be purchased from the internet. 

Selling on Amazon or eBay allows companies to focus on their primary business functions as the operational details of the eCommerce platform is already handled by the providers. In the case of Amazon, even the logistical aspects are handled, and the company needs only to deliver the product to Amazon. Ecommerce platforms are customer-friendly than physical stores as it is more convenient to browse hundreds of products as well as review them before purchasing. However, the drawback is that these platforms do not allow the sale of services and have a focus on physical goods. They also have an aspect of competition that is entirely avoidable by creating your own ecommerce website. Due to these reasons, most ecommerce service providers are suitable for individuals and less so for businesses.

Setting up your own ecommerce website is another route businesses, or even individuals may take if it becomes apparent that existing ecommerce solutions are inadequate for their requirements. Examples are subscription-based services or services in general which are not supported by the popular ecommerce platforms. Building and hosting an in-house ecommerce platform is neither easy nor cheap and requires the organisation to pay for infrastructure as well as trained professionals to ensure that unauthorised parties do not gain access to the financial details of their customers or have their privacy violated.

Even an in-house ecommerce solution will rely on numerous other support functions of ecommerce such as payment processing, and other cybersecurity concerns such as encryption. Therefore, it is vital that the organisation carries out recruitment programmes for talent or outsources to companies who are experienced in the integration of these services to create a smooth workflow within the organisation’s ecommerce platform.

Ecommerce is still a growing industry and is expected to grow further over the next few decades with digital transactions expected to be the primary medium of transactions by around 2040. New developments in the fields of information security and telecommunications allow ecommerce to be more integrated with our lives, such as seen by experimental “unstaffed” stores such as Amazon Go, payments through mobiles, Drone delivery etc.

Bankruptcy is a process by which a person or business entity who cannot repay their creditors seek relief from their debts. Bankruptcy is commonly declared during insolvency which is defined as the state of being unable to pay one’s debts. Insolvency and Bankruptcy are not interchangeable nor are they synonymous as bankruptcy is a legal status which is not mutually exclusive with insolvency. Bankruptcy should be considered a last resort for those overwhelmed by debt as while it may allow an individual or entity to recover without the burden of most debt, the fact that bankruptcy was declared by the entity can be seen on its credit report which may significantly affect future creditworthiness. This association may result in difficulties in borrowing in the future, increased requirement for collateral, and increased interest rates. Debt collection agencies such as debt collection Queensland will often attempt to negotiate with a debtor and arrange payment plans if it is deemed that a debtor is facing financial issues and may be unable to settle. If an alternative is available, it is almost always recommended to take it even though it might result in greater short-term expense. This article will discuss the various aspects of bankruptcy and the process of filing for bankruptcy.

The process of filing for bankruptcy is dependant on the jurisdiction but in almost all cases, the advice of an attorney and financial advisor should be retained as bankruptcy has long-term financial and legal outcomes and should not be declared lightly. Due to these reasons, it is often advised to negotiate with creditors and arrive at a settlement – many creditors would not be opposed to this as it is in their best interest to receive at least a portion of their debt compared to essentially nothing obtained from an insolvent debtor.

Once bankruptcy is declared and the process begins, the entity’s assets are liquidated and placed in a trust to pay off its liabilities. Debts which are secured with assets are often yielded to the creditor as they already have recourse, and the remaining amounts are settled. In the insolvency of a company, the owners’ assets are not liquidated, provided the company is registered as a Limited Liability Company or its equivalent (incorporated as a separate legal entity), however, the owners will only be compensated for their share in the company if any cash remains after settling all liabilities, which is often not the case. In the case of an individual, there may be exempt assets such as personal items, tools needed for employment, pensions etc. which will not be liquidated.

After the process is over, the entity is bankrupt and is relieved of its listed debts meaning that its creditors no longer have any claim to payment from the debtor. They may not pursue legal action against the debtor or attempt to recover the money owed henceforth. However, depending on jurisdiction, certain debts may not be erased by bankruptcy and instead may persist through the insolvency with different credit terms or payment arrangements.