A proposal to vary the terms and conditions of an existing debt agreement due to a change in the debtor's circumstances. Creditors vote on the proposal to vary in the same way as they vote on the original proposal. (Section 185M of the Bankruptcy Act 1966.)
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A document confirming the details of a registration on the Personal Property Securities Register (PPSR), which is automatically generated by the PPSR and sent to the secured party’s address for service.
It confirms the details of a registration and may need to be given by the secured party to the grantor. Secured parties should ensure that the details on the verification statement received are correct. Some mistakes will mean that the registration is ineffective.
All of the property of the bankrupt that belonged to him/her at the start of the bankruptcy or is acquired during the bankruptcy vests in the trustee, except for exempt property. Section 116 of the Bankruptcy Act 1966 defines exempt property. It includes property held by the bankrupt in trust, some household property, some personal property, property (to a certain value) used in earning income, a vehicle (to a certain value) used by the bankrupt, life assurance policies, some superannuation interests, rights to recover compensation for injury and any compensation recovered.
- Where a bankruptcy trustee has a legal right to deal with both those assets owned by the bankrupt person at the commencement of bankruptcy, and those acquired by or devolved upon the bankrupt person, during the bankruptcy.
- Where the bankruptcy trustee changes during the administration, assets remaining in the bankruptcy vest in the incoming trustee upon appointment, along with any assets acquired by or devolved upon the bankrupt during bankruptcy.
An aspirational description of what AFSA would like to achieve or accomplish in the future. It is intended to serve as a clear guide for choosing current and future courses of action.