Annulment of Bankruptcy in the UK

Bankruptcy is a legal process that allows a person, business or organisation to formally declare an inability to pay their creditors. This section of our site deals with Bankruptcy Annulment

Bankruptcy Annulment

Under Rule 6.206 of the Insolvency Rules 1986, a formal application can be made to to annul a Bankruptcy Order made to the Court at which an individual was made bankrupt.

A statement setting out the grounds on which the application is being made must support your case.

You can apply for an annulment at any time if:

(a) the Bankruptcy Order should not have been made, for example because the proper steps were not taken when obtaining the Order; or

(b) all bankruptcy debts and expenses and fees of the bankruptcy proceedings have been either paid in full or have been secured for to the satisfaction of the Court; or

(c) The individual has reached an agreement called an “individual voluntary arrangement” with creditors to repay all or part of the debts.

Where the application is made on the basis that the debts and expenses of the bankruptcy have been paid in full or have been secured for, there shall be set out in the statement or the fax by reference to which the Court is required to be satisfied before annulling the Bankruptcy Order.

More on annulment of bankruptcy and the positive effects and how to apply for annulment.

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SPEAK TO REGULATED Insolvency solicitors IF AT ALL POSSIBLE. The credit management industry is notoriously unregulated and this can make it difficult to obtain good advice.

The credit management industry is notoriously unregulated and this can make it difficult to obtain good advice.

MAKE SURE ANY ARRANGEMENT YOU ENTER INTO IS RIGHT FOR YOUR COMPANY AND NOT JUST RIGHT FOR THE CREDIT FIRM OFFERING YOU THE PLAN