EXPLAINED: What is bankruptcy annulment that Vijay Mallya discontinued as application in United Kingdom? All legalities decoded here

Once an annulment order is granted, it is as though a bankruptcy order had never been made against an individual. Any assets of the bankruptcy that were previously controlled by a trustee in bankruptcy are returned to the individual. However, it's crucial to understand that the debtor becomes liable again for paying any debts that haven't yet been paid in the bankruptcy.