List of glossary items

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  • A transaction that has taken place prior to a personal insolvency agreement or bankruptcy that is void against the trustee. Includes a transaction where less than market value has been paid for an asset, a transfer has been made to prevent the property becoming divisible among creditors or a preferential payment has been made to a specific creditor. A trustee has the ability to recover the asset or difference in purchase price paid.

  • A request made in an insolvency context. Including applications made to the Official Receiver (e.g. bankruptcy notice, Official Receiver notice), to the Inspector-General (e.g. to be registered as a trustee) or to the Official Trustee in Bankruptcy (e.g. a bankrupt wishing to obtain consent to travel overseas). Can also refer to the submitting of a form.

  • Prior to commencement of the Personal Property Securities Register, company charges were recorded on a register administered by the Australian Securities and Investments Commission (ASIC). Those charges were migrated to the Personal Property Securities Register.

  • Maintenance incurred in relation to a managed asset i.e. insurance, registration, land taxes, rates, services, storage, real estate expenses, etc.

  • The central web-based facility for the publication of Australian Government procurement information, including business opportunities, annual procurement plans and contracts awarded.

  • ARITA represents practitioners and other associated professionals who specialise in the fields of restructuring, insolvency and turnaround.

  • An independent Australian government body that acts as Australia's corporate regulator. It's role is to enforce and regulate company and financial services laws to protect Australian consumers, investors and creditors.

  • A legal status in which a person who cannot pay his or her debts obtains protection from further action by most unsecured creditors.

    The person may lodge his or her own application with AFSA to become bankrupt, which if accepted, is referred to as a debtor's petition bankruptcy.

    A creditor can also seek to make a person bankrupt through an application to the court. If the court agrees, it is referred to as a creditor’s petition bankruptcy or sequestration order bankruptcy.

    When a person becomes bankrupt, his or her property is administered by the trustee to allow for the fair distribution of property among creditors.

  • An Act to impose realisations charge and interest charge in relation to certain administrations under the Bankruptcy Act 1966.

  • The Commonwealth legislation that provides for bankruptcy, Part IX (debt agreements), Part X (personal insolvency agreements) and Part XI deceased estate administrations. It deals with individuals.

  • An Act that introduced a range of amendments to the Bankruptcy Act 1966.

  • A formal, final demand for payment of a debt by a creditor owed at least $10,000 on one or more final judgments or final orders. This notice is issued by the Official Receiver at the request of a creditor, who must have a judgment from a court of competent jurisdiction to evidence their claim that they are owed money. Failure to comply with a bankruptcy notice constitutes an act of bankruptcy.

  • An online service offered by AFSA that allows access to personal insolvency information via the National Personal Insolvency Index (NPII) for a fee.

  • 1. Is a measurable improvement resulting from an outcome, which contributes to one or more of AFSA's goals; and is perceived to be an advantage by one or more stakeholders.
    2. In a bankruptcy context, a bankrupt might derive a non-cash benefit that may be income for contributions purposes. The benefit could be from any of a number of sources, including loans, fringe benefits or moneys paid to third parties as a result of exertion by a bankrupt. These types of benefits are included when calculating the bankrupt's income in order to determine his or her income contribution liability.

  • Is a record, at a point in time, of evidence that has been collated by AFSA for referral to the Commonwealth Director of Public Prosecutions (CDPP), or to be served against a defendant in a prosecution, in relation to a suspected offence/s.

  • A set of activities that a business must perform in order to meet its business goals and objectives.

  • A service that provides value to its consumers through the enactment of a defined business process.

  • Where an individual's bankruptcy is directly related to his or her proprietary interest in a business.

  • The ability for AFSA to utilise resources effectively to achieve a predictable, productive outcome. A capability is built from the people, knowledge and skills present within AFSA, the services they provide and consume, the systems utilised in providing and consuming those services, and the data that underpins these systems and human knowledge. AFSA’s core capabilities are contained in the following key areas; financial and legal, process and administration, data analytics and technology.

  • A certificate issued by the Official Receiver confirming the appointment of a trustee (or trustees) to an insolvency administration.