Ending bankruptcies

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Once a debtor is bankrupt, his or her bankruptcy ends by either discharge or an annulment.

Annulments

Section 74 annulments occur when creditors accept a composition or arrangement to settle debts. In 2020–21, there were 99 section 74 annulments. 

Section 153A annulments occur when a bankrupt pays all his or her debts in full. In 2020–21, there were 255 section 153A annulments.

Section 153B annulments occur when a bankrupt successfully applies to the court for an order annulling his or her bankruptcy. In 2020–21, there were 4 section 153B annulments.  

Type of annulment

Number of annulments in 2019–20

Number of annulments in 2020–21

Notices (s.74(5A))

81

99

Certificates (s.153A)

359

255

Applications (s.153B) to Federal Court with a result of granted

7

4

Objections to discharge

Consistent with previous years, most objections to discharge extended bankruptcy to eight years in 2020–21. There were 20 objections to discharge extending bankruptcy by five years, and 1,179 objections to discharge extending bankruptcy to eight years. 

Objections filed by:

Number of objections extending bankruptcy to five years: 2019–20

Number of objections extending bankruptcy to five years: 2020–21

Number of objections extending bankruptcy to eight years: 2019–20

Number of objections extending bankruptcy to eight years: 2020–21

Official Trustee

5

5

761

711

Registered trustees

18

15

487

468

Total

23

20

1,248

1,179