Glossary

List of glossary items

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  • An estate in which there is an asset(s) that is uncommercial for the trustee to realise at present and which the Official Trustee in Bankruptcy will monitor with a view to taking action to realise the asset(s) if/when it becomes commercial to do so.

  • The electronic record of all personal insolvency administrations in Australia that can be accessed by anyone for a fee.

  • The NSC supports AFSA's personal insolvency and PPS businesses and provides both information and electronic registry services to clients.

  • Where a person is charged with a federal offence, the court may order the person to be discharged without conviction upon giving security by recognisance or otherwise, to the satisfaction of the court (see section 19B of the Crimes Act 1914).

  • A security interest that is created by a security agreement that was not in force prior to 30 January 2012 and continued in force after that time.

  • A written document that outlines the trustee's decision to extend the bankruptcy and why the decision was made. It is filed with the Official Receiver and is registered on the National Personal Insolvency Index (NPII).

  • A caution issued to an alleged offender where there appears to be evidence that satisfies the relevant standard of proof of an offence. The caution informs the alleged offender that their actions may be unlawful and acts to deter from similar behaviour in the future.

  • A role created under the Bankruptcy Act 1966 to carry out statutory functions under that Act, including maintaining the National Personal Insolvency Index (NPII), providing registry services in relation to personal insolvencies and assisting trustees to perform their functions though the issue of statutory notices.

  • The Official Receiver has discretion to cancel a debt agreement proposal during the voting period on the basis of non-disclosure or incorrect information on the proposal and/or explanatory statement on which the creditors are relying when making a decision on their vote, or when a withdrawal request from the debtor has been received. (Section 185ED of the Bankruptcy Act 1966).

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