Once a Bankruptcy Order has been made it can be ’annulled’ i.e. cancelled, only by order of the Court.
An annulment releases the bankrupt from the restrictions placed upon him or her by insolvency law, and annulment has the same effect as if the bankruptcy had not taken place. An annulment can be sought at any time, even after the bankrupt has received discharge from bankruptcy.
The most common reasons that a Court may order that a bankruptcy be annulled are as follows:
a. If, at the time the Bankruptcy Order was made, there was a valid reason why it ought not to have been made
b. that the debts and expenses of the bankruptcy have either been paid in full or secured to the satisfaction of the court
c. that an individual voluntary arrangement (IVA) or fast-track voluntary arrangement (FTVA) has been approved.
To annul your bankruptcy an application needs to be submitted to Court and you will be required to attend a Court hearing to put forward your case.
Abacus Solicitors can assist you in making the application to annul your bankruptcy and liaise with the Official Receiver and/or Trustee in Bankruptcy in obtaining their consent to the application.
We can provide you with advice for every step of your application including attending the Court hearing on your behalf and we can recommend the most appropriate ground for the application for your particular matter.