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Bankruptcy annulment in the UK refers to the procedure of cancelling a bankruptcy order or an individual voluntary arrangement (IVA). This could be achieved through a court application for annulment. The annulment application can be created by the debtor, the state receiver, or a creditor.
The most common reasons for annulment of a bankruptcy order or IVA include:
Payment of debts in full - If the debtor takes care of almost all their outstanding debts in full, they can make an application for the annulment of the bankruptcy order.
Reaching an agreement with creditors - If the debtor reaches an agreement making use of their creditors, they can make an application for the annulment of the bankruptcy order.
Incorrect procedure followed - If there have been procedural errors through the bankruptcy order, the debtor can make an application for the annulment of the bankruptcy order.
Any reason that justifies the annulment of the bankruptcy order.
If the court approves the annulment application, the bankruptcy order will undoubtedly be cancelled, and the debtor will undoubtedly be released from their obligations. It is important to seek legal services before applying for an annulment of a bankruptcy order.
My Website: https://www.bankruptcy.co.uk/
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