Bankruptcy and who decides is the question that you should be asking prior to submitting your bankruptcy paperwork.
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, and to find out when does bankruptcy end, please keep in mind that you need to have 71% in value, and 51% in the number of people who vote, or your proposal will fail.
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.
Feel free to contact our friendly staff at Safeguard Insolvency below. We are here to help and assist you in your time of need.
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