There are two means by which a bankruptcy can be ended - discharge (this occurs when the period of bankruptcy has been served and is the usual means of ending a bankruptcy) or annulment.
Pursuant to s 149 of the Bankruptcy Act 1966 (Cth), most bankrupts will be discharged automatically 3 years and 1 day after either
After discharge, the bankrupt continues to be liable for fines or debts incurred by fraud, and for debts under a maintenance order, although the court has the power to release a bankrupt from liability to pay child support arrears [s 153].
Objections may be lodged by the trustee on a number of grounds which will extend the period of bankruptcy to a total of 5 or 8 years [Bankruptcy Act 1966 (Cth) ss 149A-D].
Where the ground for lodging an objection relates to uncooperative conduct by the bankrupt (one of the ‘special grounds’ listed in the Act), the trustee will not have to provide a reason for lodging an objection [ss 149C, 149D].
A bankruptcy will be extended to 5 years if the bankrupt failed to:
A bankruptcy will be extended to 8 years if the bankrupt:
If all the debts are paid, the trustee will annul the bankruptcy. Annulment occurs when the last payment is made (including interest on interest-bearing debts) [Bankruptcy Act 1966 (Cth) s 153A].
The court can also annul the bankruptcy if satisfied that
Legal advice should be sought from a private lawyer about options for annulment of bankruptcy.
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