Ending bankruptcies

Once a debtor is bankrupt, his or her bankruptcy ends by either discharge or an annulment. Annual administration statistics for annulments and objections to discharge.

Annulments

Two types of annulments rose in 2014–15 compared to 2013–14:

  • Section 74 annulments occur when creditors accept a composition or arrangement to settle debts. Section 74 annulments increased from 143 in 2013–14 to 146 in 2014–15. A rise in the number of section 74 annulments received from the Official Trustee drove this increase.
  • Section 153A annulments occur when a bankrupt pays all his or her debts in full. Section 153A annulments increased from 334 in 2013–14 to 379 in 2014–15. The main contributor to this rise was section 153A annulments received from registered trustees.

Section 153B annulments occur when a bankrupt successfully applies to the court for an order annulling his or her bankruptcy. Section 153B annulments fell from 10 in 2013–14 to 8 in 2014–15. A fall in the number of section 153B annulments from registered trustees drove this fall.

Type of annulment Number of annulments in 2013-14 Number of annulments in 2014-15
Notices (s.74(5A)) 143 146
Certificates (s.153A) 334 379
Applications (s.153B) to Federal Court with a result of granted 10 8

Objections to discharge

Objections to discharge fell in 2014–15 compared to 2013–14. Objections extending bankruptcy by:

  • five years fell from 25 in 2013–14 to 20 in 2014–15
  • eight years fell from 798 in 2013–14 to 682 in 2014–15.
  Number of objections extending bankruptcy to five years: 2013-14 Number of objections extending bankruptcy to five years: 2014-15 Number of objections extending bankruptcy to eight years: 2013-14 Number of objections extending bankruptcy to eight years: 2014-15
Objections filed by:        
Official Trustee 5 3 139 127
registered trustees 20 17 659 555
Total 25 20 798 682