Bankruptcy and who decides is the question that you should be asking prior to submitting your bankruptcy paperwork, if done voluntarily.
This includes allowing the process of three to five years to end and become discharge and you may have your bankruptcy annulled.
The process of bankruptcy annulment can be achieved by the following:
Apply to the court
Make an offer pursuant to Section 73 of the Bankruptcy Act (Cth). This is an arrangement that you propose to your creditors through your trustee, it can be anything you like. It is recommended that you are to propose something your creditors will accept.
For your proposal to likely be achievable a special resolution must be passed, being greater than 75% in value and greater than 50% in number of the creditors voting on the resolution. If accepted by creditors, the individual will be annulled from bankruptcy.
Further to this, if the prearrangement of funds to the trustee is sufficient to pay out the debts and costs of the Bankruptcy, in full, the bankruptcy may be terminated.
Please note, the Section 73 proposal is an option available to individuals who are already declared bankrupt. It is a mechanism that enables an individual to be “annulled” from bankruptcy. If accepted by creditors, the individual is released from the bankruptcy and unless the Section 73 proposal provides otherwise, the assets re-vest with the individual.
Feel free to contact our friendly staff at Brisbane Debt Solutions below. We are here to help and assist you in your time of need.