A bankrupt will automatically be discharged 3 years
after the Statement of Affairs is filed with ITSA (Insolvency and Trustee Service Australia), unless an Objection to the Discharge has been filed by the trustee who can extend the Bankruptcy for 5 or 8 years.
Remember time does not start running until the Statement of Affairs is filed with ITSA. We have had an instance of a case where the Bankrupt did not file the Statement of Affairs until 10 years after the Court made him Bankrupt making his bankruptcy
A bankruptcy usually ends with the discharge of the bankrupt. This signifies the
end of the legal process against the bankrupt. The bankrupt estate will continue after discharge and the discharged bankrupt will have some ongoing obligations, but they will no longer be œbankrupt.
Q: Can a bankrupt get out of bankruptcy early or be regarded as never being bankrupt?
A: Yes “ The bankruptcy can be annulled!
An annulment is a complete undoing of the bankruptcy, as if the bankruptcy never happened.
Its that simple, let Investrend Debt Solutions negotiate the annulment of your bankruptcy on your behalf today. More Information