Glossary

List of glossary items

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  • A legal status in which a person who cannot pay his or her debts obtains protection from further action by most unsecured creditors.

    The person may lodge his or her own application with AFSA to become bankrupt, which if accepted, is referred to as a debtor's petition bankruptcy.

    A creditor can also seek to make a person bankrupt through an application to the court. If the court agrees, it is referred to as a creditor’s petition bankruptcy or sequestration order bankruptcy.

    When a person becomes bankrupt, his or her property is administered by the trustee to allow for the fair distribution of property among creditors.

  • An Act to impose realisations charge and interest charge in relation to certain administrations under the Bankruptcy Act 1966.

  • The Commonwealth legislation that provides for bankruptcy, Part IX (debt agreements), Part X (personal insolvency agreements) and Part XI deceased estate administrations. It deals with individuals.

  • An Act that introduced a range of amendments to the Bankruptcy Act 1966.

  • A formal, final demand for payment of a debt by a creditor owed at least $10,000 on one or more final judgments or final orders. This notice is issued by the Official Receiver at the request of a creditor, who must have a judgment from a court of competent jurisdiction to evidence their claim that they are owed money. Failure to comply with a bankruptcy notice constitutes an act of bankruptcy.

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