Effect of discharge-discharge of bankrupt, Financial Accounting

Effect of discharge

An order of discharge releases the bankrupt from all disabilities imposed by the bankruptcy (except those which apply for a fixed period after discharge - see paragraph. 6.6 (b) (g), and from all provable debts except:

  1. Debts due to the government for breach of a revenue statute, or on recognizance, unless the Treasury gives written consent to his release;
  2. Debts incurred by fraud or fraudulent breach of trust;
  3. Liability under a judgment for seduction, or under an affiliation order, or as a correspondent in a divorce action, unless the court otherwise orders.

The order does not release him from liability to prosecution for bankruptcy offenses.

Revocation of discharge

The court may revoke or vary the order of discharge in the event of the debtor's failure to assist as required in supplying information or in the realisation of the estate.

Posted Date: 12/12/2012 6:39:36 AM | Location : United States

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