Annulment of bankruptcy under s.74(5) of the Bankruptcy Act 1966 (Cth) operates retrospectively ab initio in the same manner as annulment by court order under s.153B. A private contractual provision that triggers a consequence upon a person becoming bankrupt will be subject to the retrospective effect of annulment unless the provision expressly or by necessary implication provides that the consequence follows irrespective of any subsequent annulment. Club constitutions and similar instruments that provide for automatic cessation of membership on bankruptcy will not survive annulment unless they specifically address the possibility of annulment.
The full text is available to signed-in members, including the 8 later cases that cite this judgment.
2 of the 8 citing cases carry a classified treatment. How each court treated it is available to signed-in members.