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Bankruptcy annulment in the UK refers to the process of cancelling a bankruptcy order or a person voluntary arrangement (IVA). This is often achieved through a court application for annulment. The annulment application can be made by the debtor, the state receiver, or a creditor.
The most common known reasons for annulment of a bankruptcy order or IVA include:
Payment of debts in full - If the debtor pays off all their outstanding debts completely, they can make an application for the annulment of the bankruptcy order.
Reaching an agreement with creditors - If the debtor reaches an agreement with their creditors, they can apply for the annulment of the bankruptcy order.
Incorrect procedure followed - If there have been procedural errors through the bankruptcy order, the debtor can apply for the annulment of the bankruptcy order.
Any other reason that justifies the annulment of the bankruptcy order.
If the court approves the annulment application, the bankruptcy order will be cancelled, and the debtor will be released from their obligations. It is important to seek legal services before applying for an annulment of a bankruptcy order.
Read More: https://www.bankruptcy.co.uk/
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