List of glossary items

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  • Personal property (including a licence) e.g. copyright, debts and other receivables, bank accounts, but not goods or financial property.

  • The interest earned on funds held by registered trustees and debt agreement administrators is paid to the Commonwealth, and used to fund the cost of conducting inquiries in certain bankruptcies, investigating alleged offences, monitoring and regulating trustees and administrators and providing information to a range of clients.

  • An international body that brings together the collective experience and expertise of government insolvency regulators from jurisdictions around the world.

  • The final day on which creditors can submit claim and vote forms for a debt agreement proposal to the Official Receiver.

  • A law or body of laws formally made or enacted. The term includes statute law or Acts of Parliament, but also encompasses law made by other bodies under the authority of Parliament.

  • An obligation or responsibility to do something (such as repay a debt).

  • Debts or damages where the amount payable has been fixed or is otherwise certain. Admitting liability for an amount being claimed as a debt or damages does not, of itself, necessarily mean that debt or those damages are liquidated.

    1. An application that is registered in an AFSA insolvency system/s that may or may not result in an administration.
    2. A subject or situation under consideration.
  • A policy or decision of the government that affects revenues or expenses (on a Government Finance Statistics basis).

  • A written agreement between two or more parties that defines the working relationship, expectations and responsibilities. MoUs are usually not legally binding on the parties. They are commonly used to clarify arrangements between non-corporate Commonwealth entities.

  • Includes a Presiding Officer of a Parliamentary Department.

  • 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.

  • 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).