It recently fell upon the newly created Queensland Court of Appeal in Theissbacher v MacGregor Garrick & Co to be the first appellate court to consider the effect of the annulment of a bankruptcy since 1872.
The Court decided by majority that the effect of annulment is that the former bankrupt is, at least in general, treated as never having been made bankrupt.
"Theissbacher v MacGregor Garrick and Co, or, How a 'Bankrupt' can go Scot Free,"
Bond Law Review:
1, Article 6.
Available at: http://epublications.bond.edu.au/blr/vol5/iss1/6