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).

  • An order of a court of competent jurisdiction making a person bankrupt based on a creditor being owed $5,000 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.

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