Glossary

List of glossary items

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  • A debtor may seek temporary relief from recovery action taken by a creditor by completing Form 5 of the Bankruptcy Act 1966. Once such a declaration is accepted by the Official Receiver, it prevents unsecured creditors from enforcing their debts for a period of 21 days. During this time, debtors are able to consider their options under the Bankruptcy Act.

  • A proposal lodged by the debtor or an affected creditor if the terms and conditions of the debt agreement are not being carried out. Creditors vote on the proposal to terminate in the same way as they vote on a debt agreement proposal. (Section 185P of the Bankruptcy Act 1966).

  • A debt agreement administrator has a duty to notify creditors where a debt agreement debtor has failed to maintain his or her debt agreement payments for a period of three months.

  • Australia has a robust personal insolvency system. The integrity of the data contained on the PPSR and the appropriate access and use of this data is also of great importance.

    In administering and regulating these systems, AFSA proactively works with stakeholders and members of the public in maintaining high standards of practice. Where it is believed these high standards of practice are compromised, we thoroughly assess the matter.

    Examples of a 'tip off' could be where you have information regarding potential fraud being committed by a practitioner, bankrupt or creditor, or an individual using PPSR data in a fraudulently for gain.

  • A security interest that arises from a transitional security agreement.

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