Hi there,

There are a few potential issues here.

Firstly, is the business of the new company the same as the business previously being run by your husband? If so, creditors of your husband's bankrupt estate may have a claim in income. It may be the case that the transfer of the business to the new structure was a transfer to defeat creditors per the Bankruptcy Act. Such transfers can be made void by a trustee in bankruptcy.

Secondly, a trustee may take issue if your husband is the sole income earner for the new entity, as opposed to the main income earner for similar reasons as set out above.

Thirdly, your husband, as a bankrupt, is prohibited under the Corporations Act from managing a company. Whilst he may not technically be a director of the company registered with ASIC, he could still be deemed to be managing a corporation if he undertakes day to day management of the company's business. He may be deemed to be a shadow director or defacto director.

Finally, It may be the case that you are already aware of this, but note there are income thresholds in bankruptcy (subject to dependants). Your husband will be required to pay a portion of his income over the threshold amount applicable to the trustee in bankruptcy.