Glossary

List of glossary items

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  • An authority signed by both the debtor and the controlling trustee to enable either a registered trustee, a solicitor or the Official Trustee to call a meeting of the debtor's creditors to consider a personal insolvency agreement. The authority does not become effective until both parties have signed it.

  • Trustees may obtain Commonwealth funding assistance under section 305 of the Bankruptcy Act 1966 to initiate or defend proceedings or to pursue inquiries for certain matters. Section 305 funding is intended to facilitate the proper carrying out of the trustee's statutory and fiduciary duties.

  • Such proposals are compositions or arrangements made by bankrupts through their trustees to finalise their debts. The creditors vote on whether or not to accept such offers. An offer may involve assets already in the bankruptcy or may include other money or assets that would not normally be available to creditors, such as money provided by a relative. These offers may benefit creditors as they receive a dividend that would not be otherwise available. All creditors will receive an equal rate of dividend unless the offer provides otherwise.

  • A creditor, whose debt is secured. The Bankruptcy Act 1966 requires such a creditor either to satisfy the requirements of the Personal Property Securities Act 2009 or to hold a mortgage, charge or lien on property of the debtor as a security for a debt to the creditor from the debtor.

  • A loan where an asset is used as security or collateral. If you don’t make repayments, the provider may be able to repossess the asset (even if you are bankrupt).

  • A security interest is most commonly created when a secured party (such as a lender) takes an interest in personal property of a grantor (such as a borrower), as security for a loan or other obligation. The security interest means the secured party can take the personal property (known as the collateral) if the secured obligation is not met.

    Security interests can only arise when there is agreement between the grantor and the secured party. There are a small number of other types of transactions that also create security interests known as deemed security interests.

  • An order of a court of competent jurisdiction making a person bankrupt based on a creditor being owed $20,000 or more petitioning to have that person made bankrupt.

  • A public commitment to what clients and stakeholders can expect when dealing with AFSA.

  • Describe the level of service AFSA aims to deliver.

  • Outstanding money owing after the sale of a secured asset.

  • Occurs when the Official Receiver is notified (as required by section 185LC of the Bankruptcy Act 1966) that a debtor has not made any payments for six months after a payment is due, or the debtor does not complete the terms and conditions of the debt agreement within six months of the completion date of the debt agreement. A six-month arrears default results in the debt agreement being terminated (section 185QA).

  • A type of business structure run by one person. AFSA deals with the insolvency of individuals and sole traders.

  • A matter administered by the Official Trustee in Bankruptcy other than a bankruptcy, personal insolvency agreement, debt agreement, deceased estate administration or proceeds of crime matter. The function is described in the Bankruptcy Act 1966 as 'acting in accordance with an order of a court relating to the payment of a debt due by a person to the Commonwealth or a Commonwealth authority'.

  • The Bankruptcy Act 1966 defines this as a resolution passed by a majority in number and at least three-fourths in value of the parties voting. In a personal insolvency context, it is generally creditors to whom issues are put to a vote.

    • When a debtor becomes bankrupt, lodges a debt agreement proposal or lodges a personal insolvency agreement proposal, he or she must complete their statement of affairs on a specific form. The information provided must truthfully disclose all relevant details about his or her current financial position, including details of all debts and assets that are both currently-owned and were recently-owned.
    • Where a sequestration order is made, the bankrupt must file his or her form within 14 days of being made aware of the order.
  • A branch of mathematics that collects, classifies, analyses and communicates data. A statistic can also be a value obtained from a data collection, such as an estimate.

  • Credit cards issued by non-bank institutions such as department stores.

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