Glossary

List of glossary items

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  • Shortfall

    Outstanding money owing after the sale of a secured asset.

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    Secured debt

  • Six-month arrears default (debt agreement)

    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).

    You might also be interested in:
    Debt agreement

  • Sole trader

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

  • Solicitor controlling trustee

    See controlling trustee.

  • Special administration

    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'.

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