Bankruptcy & personal insolvency

Can a bankruptcy be annulled?

Yes, there are two primary ways in which a bankruptcy can be annulled.

  1. By payment in full of all of the debts and costs of the bankrupt estate.

  2. By entering a formal compromise agreement with creditors pursuant to section 73 of the Bankruptcy Act 1966.

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Disclaimer

The enclosed information is of necessity a brief overview and it is not intended that readers should rely wholly on the information contained herein. No warranty express or implied is given in respect of the information provided and accordingly no responsibility is taken by Worrells or any member of the firm for any loss resulting from any error or omission contained within this fact sheet.

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