In certain circumstances, a bankruptcy order can be reversed or annulled. This can only be done by court order.
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 before the bankruptcy order was made. It may be the case that a solution of 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.
What To Do Next
If you have recently been made bankrupt, but believe there is grounds for an annulment, please contact us for free advice.
An annulment means that it is as if the bankruptcy order was never made.