- What is an annulment of a bankruptcy (Recall of Sequestration)?
- Is my home at risk?
- What are the effects of bankruptcy?
- Do I have to go and see the official receiver?
- What will happen to my records?
- How long does the process normally take?
- Am I better off letting it take its course and starting afresh?
- What are Our Fees?
What is an annulment of a bankruptcy (Recall of Sequestration)?
An annulment (recall) has the effect in law that the bankruptcy order was never made. You will revert to your pre-bankruptcy status.
If we can help, your home will be saved from repossession.
We have many different options.
But Yes it is at risk if you take no action. If you own a property, with equity, a trustee will most likely be appointed with a view to realising your assets and distributing the proceeds. Your house may be repossessed and sold at auction. You will then pay a Government tax of 15%+ on the money realised from your property to pay your bankruptcy debts and costs. Any remaining monies, if any, will then be transferred to you.
The loan we provide is secured and there is a risk of losing your home if a repayment route is not taken up. This only applies if our short term loan is taken up and you are not providing your own funds for the annulment.
What are the effects of bankruptcy?
All of your assets will be the property of the Official Receiver. Any bank accounts will also be frozen.
Do I have to go and see the official receiver?
Yes. Cooperation with the Official Receiver is paramount. The court may reject the annulment if the official receiver is not satisfied.
What will happen to my records?
If we are successful in getting the annulment, we will apply to have the bankruptcy records removed from your land charges register, Experian, Equifax, The Insolvency Service Register, and unfreeze you bank accounts.
How long does the process normally take?
On average a case completes in under 3 months. Although we have fast tracked cases through in under 10 days. The court hearing cannot take place within 28 days of the bankruptcy.
Am I better off letting it take its course and starting afresh?
No. The effects of bankruptcy are serious and can have detrimental effects such as:
- Having your home repossessed and assets of value taken by the trustee.
- Losing any assets of real value including your car, life insurance and savings.
- Losing any assets you may acquire during the term of your bankruptcy such as: Inheritances, lottery wins, insurance settlements, growth of asset value in your home.
- Having all bank accounts, credit cards etc closed. Anything you might be leasing, or buying on hire purchase, such as your car will be immediately returned to the owner.
- Having serious difficulty obtaining future credit.
- Having any business you own immediately closed and any employees dismissed.
BPF fees can be found in the Terms & Conditions
