Bankruptcy Annulment
An annulment has the effect in law that the bankruptcy order was never made. You will revert to your pre-bankruptcy status. Disposals of property by the Official Receiver and the trustee will remain valid and will not be reversed. Any other assets will be returned and you will be liable for any of your debts that have not been paid in the bankruptcy.
You can seek to get your bankruptcy cancelled under the following circumstances:
- The bankruptcy order should not have been made in the first place, as you had not received the proper advice beforehand. It may be the case that a solution other than bankruptcy may be still be preferable to all parties involved.
- The bankruptcy order should not have been made due to errors in process and protocol. If all parties (you, all creditors, court) acted on incorrect or incomplete information, then the bankruptcy should have been avoided.
- All your bankruptcy debts and the fees and expenses of the bankruptcy proceedings have been either paid in full or secured (guaranteed) to the satisfaction of the court.
- You have had an IVA proposal approved to repay a percentage of debts over 5 years in return for a full and final settlement.
Stopping a Bankruptcy Order from Being Advertised.
The Official Receiver must advertise the bankruptcy order in “The London Gazette” (an official publication which contains legal notices). These actions can only be stopped by a court order, known as a stay of advertisement.