Glossary

List of glossary items

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  • This is the income of the bankrupt that is used for assessing his or her income contributions liability. It is not necessarily the same as the bankrupt's taxable income for taxation purposes, as certain amounts are specifically included in, or excluded from, income for bankruptcy purposes—see section 139L of the Bankruptcy Act 1966.

  • A bankrupt may be liable to make a contribution—subject to thresholds and the number of dependents—to their bankrupt estate from income earned during their bankruptcy. It is fitting that some of the income from the bankrupt's efforts during the bankruptcy are used to satisfy their past debts.

  • A legally-binding promise whereby a party undertakes to accept the risk of loss or damage another party may suffer. For example, where an entity hires a venue to host a conference it may indemnify the owner of that venue against losses that may be suffered if attendees damage the venue. An indemnity may give rise to a contingent liability for the party who gives the indemnity.

  • A licensed information broker who can electronically access the National Personal Insolvency Index and provide a search service to clients for a fee.

  • Amounts referenced in the Bankruptcy Act 1966 and related statutory instruments that are periodically adjusted in accordance with the consumer price index. Some are adjusted every quarter, others every six months. As an example, they identify the value of assets that can be retained by a bankrupt or the income a bankrupt can earn before they are required by law to contribute towards their bankruptcy.

  • A person that is an individual person (as opposed to an organisation, such as a company) who grants a security interest in personal property.

  • Australian Government agencies that are subject to the Freedom of Information Act 1982 (FOI), are required to publish a range of information on their websites as part of the IPS. The IPS is intended to form the basis for a more open and transparent culture across government with agencies encouraged to take a proactive approach to publishing the information they hold, and to consider what they can publish over and above the information they are obliged to publish.

  • A statutory demand for payment of a fine issued due to contravention of legislation. In relation to the Bankruptcy Act 1966, infringement notices may be issued (by AFSA's Regulation and Enforcement division, acting on behalf of the Inspector-General in Bankruptcy) in respect of certain offences against the Act.

    1. The state of being insolvent.
    2. One of the types of administrations provided under the Bankruptcy Act 1966.

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