What happens after my bankruptcy is annulled/cancelled?
- You get your property and assets back from the trustee;
- Access to your bank account(s);
- bankruptcy entries on the Insolvency Register will be deleted;
- Land Registry bankruptcy charges will be vacated;
- publicity of the annulment in the London Gazette; and
- credit rating unaffected by the bankruptcy order.
Next steps after the bankruptcy is annulled
- Your bankruptcy entries on the Individual Insolvency Register will be deleted;
- You get back all of our assets and property from the trustee in bankruptcy/Official Receiver- however, if this has been sold to satisfy your debts, then you cannot get this back;
- Bankruptcy entries at the Land Charges department will be vacated;
- If you are a homeowner, you will be able to apply to vacate entries on the proprietorship register at the Land Registry (which prevented you from selling your house);
- You can (within 28 days) request the annulment order be published in the London Gazette;
- Your creditors will be notified by the Official Receiver of your annulment;
- You will be able to apply to credit reference agencies to remove details of the bankruptcy from your credit file.
Can I get credit, a bank loan or mortgage after my bankruptcy is annulled?
During your bankruptcy, you cannot borrow more than £500 without notifying the lender that you are bankrupt.
Once you are declared bankrupt, your bankruptcy details will be on your credit file and upon discharge (which is different to an annulment) your bankruptcy will remain on your credit file for 6 years from the date of the bankruptcy order. As such, your credit record will be affected and naturally it will be difficult for you to secure credit going forward.
If your bankruptcy is discharged you may find it difficult to get a mortgage depending on the lender involved. In some cases, lenders may give you a discharged bankrupt as mortgage who has a poor credit score, but this is likely to mean that you will have to pay a higher interest rate. Therefore, an annulment (if the grounds exist) would be preferable to a discharge, because an annulment ensures that you have the right to remove details of the bankruptcy from your credit file.
However, if your bankruptcy is annulled you will be able to apply to credit reference agencies to remove details of the bankruptcy from your credit file.
Instruct Specialist Bankruptcy Annulment Solicitors
We are a specialist City of London law firm made up of Solicitors & Barristers operating from the only law firm based in the Middle Temple Inns of Courtadjacent to the Royal Courts of Justice. Generally many solicitors are unfamiliar with the Insolvency Rules and the minutiae of the bankruptcy process, we are experts in dealing with matters surrounding individual insolvency. Our team have unparalleled experience at cancelling bankruptcy orders, liaising with the Official Receiver, providing a solicitor’s undertaking, representing you at any bankruptcy hearing at the Bankruptcy Court, at the Royal Courts of Justice (Rolls Building), or the relevant High Court District Registry or County Court with jurisdiction under the Insolvency Rules.