Section 73 Proposal – Annulment of Bankruptcy

If a creditor has taken action to have you declared bankrupt it’s important to know your options.

The actions of a creditor can result in you being declared bankrupt even if it is not your choice. But it is critical to realise that under certain provisions of the Bankruptcy Act, you may be able to have your bankruptcy annulled through what is known as a ‘Section 73 proposal’.

Insolvency Choice has extensive experience working with people facing serious debt problems, and we know the steps required to undertake an annulment of bankruptcy under Section 73 of the Bankruptcy Act.

This can have the same effect as never having been declared bankrupt at all, wiping your slate clean from any debts faced at the time of bankruptcy. This makes a Section 73 Proposal a win all round and gives you the chance to get back on your feet without the handicap of previous debt problems and well-placed to start afresh.