Ending or cancelling your bankruptcy
Your bankruptcy will most likely end 3 years after you submit your ‘Statement of Affairs’. You can also apply to cancel your bankruptcy or end it early.
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When your bankruptcy will end
Your bankruptcy will end 3 years after we receive your Statement of Affairs. Your bankruptcy status in the Insolvency Register will then automatically change from 'Current' to 'Discharged’.
The time you are bankrupt only begins from the date we receive your Statement of Affairs. You cannot end your bankruptcy without completing your Statement of Affairs and filing it with us.
Cancelling a bankruptcy
If you cancel your bankruptcy, it is called an annulment. An annulment can be granted by the Official Assignee or the court if:
- you should not have been declared bankrupt
- you have fully paid or satisfied all your debts and the Official Assignee's fees and costs
- there has been a substantial change in your financial circumstances since the date you were made bankrupt, and you can now pay your debts
- the court has approved a composition.
Someone who is bankrupt can apply for an annulment at any time. Because this is a legal process, you should get expert advice before applying.
If you applied personally to become bankrupt then you must apply to your Official Assignee for an annulment.
If you were made bankrupt by the court at the request of a creditor, you must apply to the High Court for an annulment.
Ending your bankruptcy early
You can apply to the Court to end your bankruptcy (be ‘discharged’) at any time. The Court will decide whether to discharge you or not. They will also decide whether to add any conditions to your discharge. For example, your discharge may come with a condition that you can’t be in business for a period of time.
Because this is a legal process, you should get expert advice before applying.