Glossary

List of glossary items

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  • A statutory demand for payment of a fine issued due to contravention of legislation. In relation to the Bankruptcy Act 1966, infringement notices may be issued (by AFSA's Regulation and Enforcement division, acting on behalf of the Inspector-General in Bankruptcy) in respect of certain offences against the Act.

    1. The state of being insolvent.
    2. One of the types of administrations provided under the Bankruptcy Act 1966.
  • A person or entity who is unable to pay his or her debts as and when they fall due.

  • An office created under the Bankruptcy Act 1966 to be responsible for the general administration of the Bankruptcy Act and to have the powers to regulate registered trustees and debt agreement administrators, review decisions of trustees and investigate allegations of offences under the Act.

  • IGPDs assist regulated entities, by explaining how the law should be interpreted, giving both guidance and direction on specific insolvency practice.

  • IGPGs give guidance to regulated and non-regulated entities by explaining when and how the Inspector-General in Bankruptcy will interpret areas of work or practice that are specifically governed or provided for under the Bankruptcy Act 1966, describing the principles underlying the Inspector-General's approach and the Inspector-General's expectation of practitioners.

  • IGPSs give guidance to regulated entities by explaining when and how the Inspector-General in Bankruptcy will exercise specific powers under the Bankruptcy Act 1966, describing the principles underlying the Inspector-General's approach and the Inspector-General's expectation of practitioners.

  • Under powers in the Bankruptcy Act 1966, AFSA’s independent Regulation and Enforcement division—as delegates of the Inspector-General in Bankruptcy—may review decisions made by a bankruptcy trustee about:

    • income contribution assessments
    • hardship applications
    • supervised account notices
    • objections to discharge
    • trustee remuneration and costs by a third party.
  • Personal property (including a licence) e.g. copyright, debts and other receivables, bank accounts, but not goods or financial property.

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