What happens if I want to get my bankruptcy annulled?
Your bankruptcy can be annulled at any time during the bankruptcy period as long as your debts are paid in full.
The Trustee convenes the creditors or the creditors representatives for a meeting to vote on your offer of composition. You will be asked to attend the meeting and speak to your creditors because they may have financial questions for you. If at least 75% in value and 50% in number of all creditors represented in the meeting accept your offer, a resolution is passed to annul your bankruptcy. If the offer is rejected, the monies are refunded.
Bankruptcy can also be annulled by filing a proposal. Creditors either attend a meeting convened by the Trustee, appoint another person to attend on their behalf as their proxy vote on whether to accept or reject the offer of composition or send an Assent/Dissent form indicating whether they vote for or against the proposal. The bankrupt receives an annulment upon the resolution being passed and acceptance of the proposal.
Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.