Glossary

List of glossary items

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  • Data are values or observations from a collection gathered for reference and information.

  • An amount owed.

  • A legally-binding agreement under Part IX of the Bankruptcy Act 1966 between a person who cannot pay his or her debts and his or her creditors. A debt agreement is made when creditors agree to accept the proposed terms and conditions of the debt agreement to settle the debts.

  • An eligible person nominated by a debtor to handle a debt agreement on his or her behalf. May only be a Registered Debt Agreement Administrator, a Registered Trustee or the Official Trustee.

  • A proposal put forward by an eligible debtor with unmanageable debts to enter into a debt agreement. This proposal must be on a set form and is put to creditors to vote upon. Proposing a debt agreement is an act of bankruptcy.

  • The fee payable to the Official Receiver (AFSA) when a debtor lodges a debt agreement proposal.

  • An entity that buys debts from a creditor (for less than their face value) and tries to recover the full amount.

  • A person who owes a debt.

    1. An application from a debtor to become voluntarily bankrupt.
    2. The relevant form (Form 6) for the above process.
  • Debts that a bankrupt is still liable to pay after discharge from bankruptcy, completion of a debt agreement or discharge of a personal insolvency agreement obligations.

    1. The property and assets of a person who has died.
    2. Part XI of the Bankruptcy Act 1966 contains provisions enabling the insolvent estate of a deceased person to be administered in a way that is similar to a Part IV bankruptcy. Part XI provides for both the administration of deceased estates for persons who are insolvent at the date of death and those deceased estates that subsequently become insolvent because of debts incurred by the legal personal representative of the deceased estate.
  • 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.

  • Used in bankruptcy to show how many people depend on the bankrupt person for economic support. To be classified as dependant, they must meet three conditions:

    1. live with the bankrupt person
    2. be wholly or partly dependant on the bankrupt person for economic support
    3. have an annual income less than the set amount.
  • An officer appointed to be responsible for directing and managing the affairs of the company.

  • The end of a person's period of bankruptcy—although the activities of the bankrupt estate may continue. At present, the date of discharge is the day after bankruptcy ends, which is three years and one day from when a person files their statement of affairs with the Official Receiver, unless an objection to discharge is filed by the trustee that extends the bankruptcy.

  • A person whose period of bankruptcy has ended. A discharged bankrupt still has obligations at law but is no longer bankrupt.

  • A type of trust where the distributions from the trust are made at the discretion of the trustee.

  • A distribution of funds that is made to creditors from any asset or income realisations in an administration under the Bankruptcy Act 1966.

  • Assets/property that can legally be sold in bankruptcy by the trustee.

  • For a Commonwealth entity, the Act or legislative instrument that establishes the entity.

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