Published in Debt Advice Features on Saturday, December 09 2006

It is possible for a bankruptcy order to be cancelled after your bankruptcy order, it can be very time consuming and very expensive, the procedure is known as Annulment.

Annulment is a way of canceling a bankruptcy order there are only 3 circumstances that the court would consider an application for annulment these are:

- If for whatever reason the bankruptcy order should not have been made, this could be because the incorrect procedure was taken prior to when the bankruptcy was made.

- All outstanding debts have been settled in full or part settled to the courts satisfaction, this includes paying all the costs and fees of bankruptcy.

- You have agreed with either, the court, the Official Receiver or an Insolvency Practitioner (Trustee), to enter into an Individual Voluntary Arrangement, please note that the IVA has to be accepted by creditors before your bankruptcy will be eligible for annulment.

An application for Annulment can be done during bankruptcy or after you are discharged from bankruptcy. The overall affect of the Annulment Order is to return you to your financial status prior to the bankruptcy order being made, less your debts of course!!

For details how to apply for annulment see article “Applying for Annulment”