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Annulment of Bankruptcy

Gold Coast Insolvency

An annulment of bankruptcy, unlike a discharge of your bankruptcy, is effectively the cancellation of a bankruptcy. There are three ways a bankruptcy may be annulled:

  1. pay your debts in full, including interest, the realisations charge and your trustee’s expenses and fees. The realisations charge is a percentage of amounts received by a trustee from the sale of a bankrupt’s assets or repayment of debts that must be paid to the government
  2. your creditors accept a composition or arrangement, which is an offer of something less than payment in full (a proposal under section 73 of the Bankruptcy Act 1966 (Cth)), or
  3. you successfully apply to the Court for an order annulling your bankruptcy

If a composition or arrangement is accepted, your creditors would expect to receive a larger distribution than they would receive under the continued bankruptcy and the bankrupt would be released from the restrictions associated with bankruptcy.

If the Court is satisfied that a sequestration order ought not to have been made or, in the case of a debtor’s petition, that the petition ought not to have been presented or ought not to have been accepted by the Official Receiver, the Court may make an order annulling the bankruptcy.

Our bankruptcy lawyers have extensive experience in working with bankrupts and trustees to annul bankruptcies through each of the methods available at law.

Our team of experienced insolvency lawyers can assist you with all aspects of personal insolvency.

To find out more about what we can offer, visit our areas of law pages or contact our insolvency solicitors for a consultation.

Insolvency Services

  • Personal Pre Insolvency Advice
  • Advice during Bankruptcy
  • Debt Agreements
  • Personal Insolvency Agreements
  • Annulment of Bankruptcy
  • Corporate Pre Insolvency Advice
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  • Scheme of Company Arrangement
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  • Liquidation
  • Provisional Liquidation
  • Members Voluntary Liquidation
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Marino Law

With more than 60 years experience in all aspects of law, the team at Marino Law believe in putting their clients’ needs first and anticipating the unexpected.

Whether you’re after legal services and advice for business or personal matters, Marino Law will work with you to ensure the process is as seamless as possible.

Liability limited by a scheme approved under Professional Standards Legislation.
 

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DEVELOPMENTS IN CASUAL EMPLOYMENT LAW AND THE INTRODUCTION OF THE FAIR WORK AMENDMENT BILL 2020

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Contact Us

  • Suite 6, Level 1, 2481 Gold Coast Highway, Mermaid Beach, QLD 4218
  • PO Box 256, Mermaid Beach QLD 4218
  • (07) 5526 0157
  • (07) 5526 5441
  • info@marinolaw.com.au

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