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).
Glossary
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The Official Receiver has discretion to withdraw a variation (section 185MD of the Bankruptcy Act 1966) or termination proposal (section 185PD of the Bankruptcy Act) during the voting period when a withdrawal request by the proposing creditor or debtor is received, or if the Official Receiver becomes aware of material reasons that could affect creditors' decisions when voting.
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A notice issued by the Official Receiver, either on application by a trustee or at the Official Receiver's initiative, that requires a bankrupt, debtor or third party to do something specific and that imposes penalties for non-compliance.
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A body corporate that administers bankruptcies and other personal insolvency arrangements when a private trustee or other administrator is not appointed.
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A resolution passed by a majority in value of the creditors present personally, by telephone, by attorney or by proxy at a meeting of creditors and voting on the resolution.
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The knowledge, experience, professional skill sets, and specialised people within AFSA that contribute to servicing clients and stakeholders and achieving AFSA's goals.
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An organisation, such as a company, who grants a security interest in personal property.
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Government outcomes are the intended results, impacts or consequences of actions by the government on the Australian community.
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See bankruptcy.
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See debt agreement.
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See deceased estate.
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An individual or an organisation.
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Under proceeds of crime legislation, if certain offences have been committed, pecuniary penalty orders can be made, ordering payments to the Commonwealth of amounts based on the benefits that a person has derived from such an offence and the benefits that the person has derived from other unlawful activity.
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Data sought and generated by AFSA to determine the efficiency and effectiveness of activities in the achievement of AFSA's purpose(s). Performance information supports stories that describe how public resources are used to deliver on AFSA's purposes.
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Mechanisms used by AFSA to generate performance information relating to the efficiency and effectiveness of activities in pursuing AFSA's purpose(s). These measures are reported against in annual performance statements.
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A term that covers debt agreements, personal insolvency agreements, debtors' petition bankruptcies, sequestration order bankruptcies and deceased estate administrations.
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A formal arrangement under Part X of the Bankruptcy Act 1966 that results from creditors accepting a debtor's proposal to settle his or her debts. Unlike debt agreements, personal insolvency agreements are not subject to income, asset or debt thresholds.
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The combination of registered trustees in private practice, AFSA's trustee function (the Official Trustee in Bankruptcy), registered and unregistered debt agreement administrators in private practice, and solicitors who act as controlling trustees in Part X.
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An association for practitioners who are primarily involved with the personal insolvency industry, particularly Part IX debt agreements.