Formal Debt agreements

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Formal Debt agreements

Fortunately there are provisions within the Bankruptcy Act that enable a bankrupt to have their bankruptcy annulled through a Section 73 proposal. Rather than following the natural course of bankruptcy over 3 years or more, a Section 73 proposal is an approach where if the majority of creditors (in number) & 75% (in dollar value) of those creditors vote to support a resolution, a bankruptcy can be annulled.

Formal Debt Agreements

All Debt Solutions utilise mechanisms within the Bankruptcy Act that allow for the annulment of bankruptcy through the provisions of Section 73, which has the same effect as if the bankruptcy had never occurred.