Can I have my bankruptcy annulled?

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Can I have my bankruptcy annulled?Can I have my bankruptcy annulled?

I received an inheritance while in bankruptcy that is large enough for me to repay all my creditors. Will this result in my bankruptcy being annulled?

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A bankruptcy can be annulled during the bankruptcy under the following circumstances:

Your debts are paid in full.
The creditors will have to approve this.

You file a proposal.
The creditors will have to approve this.

There are mitigating circumstances surrounding your bankruptcy which will cause the court to annul the bankruptcy.
In Re: Warner v. Warner (Ontario Superior Court on March 18, 2013) the bankruptcy of Mr. Warner was annulled because the justice ruled it was filed to stay the family law proceedings and avoid his equalization payment.

Yours truly,

Earl Sands, LIT

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