Annulment is effectively the cancellation of a bankruptcy. There are two ways a bankruptcy may be annulled:
- you pay your debts in full, including interest, the realisations charge and your Trustees expenses and fees. The realisations charge is a percentage of amounts received by a Trustee from the sale of a bankrups assets or repayment of debts that must be paid to the Australian Financial Services Authority (AFSA).
- your creditors accept a composition or arrangement, which is an offer of something less than payment in full. See Compositions
Our expert team can help you with annulment of your bankruptcy if available and the implications of annulment
For further information regarding annulment please contact our office.
We can help you find a solution for your financial problems.