Bankruptcy Annulment

Cancelling a bankruptcy order

A bankruptcy annulment is a court procedure where the bankruptcy order is cancelled. There are three cases where you are permitted to apply for an annulment. One instance is if your bankruptcy order should not have been made; for example, if the appropriate steps were not taken when acquiring the order. This is also the case if all of your bankruptcy debts including its fees and expenses have all been paid for and secured to the court’s satisfaction. You can also go about annulling a bankruptcy if you have reached an Individual Voluntary Agreement with your creditors.

There are also procedures for annulling a bankruptcy if the order should not have been made. In this case you will have to obtain an application form from the court that is dealing with your bankruptcy. You should then make an affidavit which is a written statement or a witness statement that is verified by a statement of truth explaining why the bankruptcy order should not have been made. You should then take the completed form and affidavit/written statement, verified by a statement of truth, to court. The court will then set a date for your hearing which you should attend. However, before the hearing it is important you let your Official Receiver, the person who petitioned your bankruptcy and the trustee know the date, time and location of the hearing. It is also recommended you send them a copy of the form, affidavit or written statement. Then, after the hearing, the fees and expenses of the bankruptcy will have to be paid.

If the bankruptcy debt has been paid off you can get the bankruptcy annulled. To do this you will have to get an application form from the court and then make an affidavit or a witness statement verified by a statement of truth setting out the details of your assets as well as the details of the payments made or how you secured the payment of your debts. You should then take the form and affidavit/witness statement and set a date to hear your application. Then, at least 28 days before the hearing, you should inform the Official Receiver and trustee of the time, date and location of the hearing and send them a copy of the form and affidavit/statement.

A successful annulment will make it seem a bankruptcy order was never even placed and your assets will return; however, you will still have to pay off any debts that had not been paid off during the bankruptcy.

Bankruptcy in the UK

To hear the words ‘bankruptcy’ in the UK a decade ago would be frowned upon by most. Being declared bankrupt was the very last resort and something of a rarity.

Bankruptcy solicitors

Facing bankruptcy can be a frightening experience. There are many complications involved that may leave you feeling confused and not knowing where to turn. Having a solicitor to guide you through the process can bear huge benefits.

A quick guide to bankruptcy

Bankruptcy is a tough experience. When someone is made bankrupt, their possessions, home, income, in fact all their assets are used to pay their outstanding debts.