Glossary

List of glossary items

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  • When AFSA, acting as the Official Trustee, administers an estate, all amounts held in respect of the estate are deposited into the Common Investment Fund.

  • An independent prosecution service established to prosecute alleged offences against Commonwealth law and deprive offenders of the proceeds of criminal activity under the control of the Director, a statutory officer appointed by the Attorney-General.

  • A framework stipulating the importance of performance for Commonwealth entities as required under paragraph 5(b) of the Public Governance, Performance and Accountability Act 2013.

  • A Government scheme whereby agencies are able to provide compensation to people who have experienced detriment as a result of an agency's defective actions or inaction.

  • A debt agreement is completed when the debtor has made all payments and completed all obligations under the debt agreement. (Section 185N of the Bankruptcy Act 1966).

  • Offences against the Bankruptcy Act 1966 or contraventions of the Personal Property Securities Act 2009 that do not fall within the definition of a compliance offence and cannot be resolved by a compliance letter or an infringement notice. Generally, complex offences involve fraud and/or financial loss.

  • Administrative-type bankruptcy offences where an individual, whether bankrupt or not, has failed to comply with a legislated requirement under the Bankruptcy Act 1966, the Insolvency Practice Rules (Bankruptcy) or the Bankruptcy Regulations.

    1. See Section 73 proposal.
    2. A former Part X arrangement, ceasing as at 1 December 2004. (The term is still used in this context for National Personal Insolvency Index purposes.)
  • Where a person is serving or trying to serve two or more interests that aren't compatible. For instance, if a solicitor acted for both parties in a matter.

  • A form completed by a trustee (or two trustees, if they wish to act jointly and severally) confirming that he/she/they is willing and able to act as the trustee(s) of an administration. The form is filed with the Official Receiver.

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