An annulment of your bankruptcy may be obtained form the Court if you pay your debts in full, or your offer to pay part of your debts by way of a composition or scheme of arrangement is accepted by your creditors.

A bankrupt may apply to be discharged from bankruptcy after a period of 5 years and if the debts proofed in the bankruptcy are below $5,000.

The Official Assignee will take into consideration the following factors when deciding whether to discharge a bankrupt.

1. The cause of bankruptcy;
2. The period of bankruptcy;
3. Compassionate grounds such as ill health and old age;
4. Bankrupt's assets and payments to his bankruptcy account;
5. Bankrupt's conduct; and
6. Bankrupt's co-operation level with the Official Assignee.