annulment of bankruptcy

[Anifar]

If You apply for an annulment of your bankruptcy do you have to pay statutory interest when you are borrowing the money to discharge the debt? Would it be the same if you were selling youor home to oay the debt?

[ray_a]

Hi anifar

Well I have experience in statutory interest!

Basically if the OR or IP can see that there are excess funds to pay the debt in full and recover statutory interest then they can apply for it!

I would discuss the matter with the OR and see what they are proposing over this. As you are in a position to borrow then I would think paying the debt of by 100% would be fair and acceptable to your creditors.

Good Luck

[MelanieGiles]

Your solicitor will negotiate on your behalf with your creditors. Some like to receive it and others are happy to waive it. With an annulment, the Trustee actually does very little, but you and your lawyer have to confirm that debts have been paid before making the annulment application. So it is effectively out of the OR's hands.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

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