Glossary

List of glossary items

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  • The Personal Property Securities Act 2009 (Cth) is the law on security interests in personal property. It also established the PPSR. AFSA, through the Registrar of Personal Property Securities, administers the PPSA and the PPSR.

  • The PPSR is the official government register of security interests in personal property – these are debts or other obligations that are secured by personal property. It’s an online noticeboard accessible by the general public 24/7 and is not a register of title or ownership of personal property.

    The PPSR started on 30 January 2012 and replaced many state based registers, (such as REVS and other vehicle registers and the ASIC Register of Company Charges), to form one national register.

  • A security interest in personal property.

  • Refers to an area of responsibility assigned to a Minister of the Australian Government under the Administrative Arrangements Order. A portfolio may encompass more than one Department of State, for example, the Defence Portfolio consists of the Department of Defence and the Department of Veterans' Affairs.

  • Inform members of parliament and the public of the proposed allocation of resources to government outcomes. They also assist the Senate standing committees with their examination of the government's Budget.

  • A party who is responsible for administering an insolvency. Can include the Official Trustee in Bankruptcy, registered trustees, registered debt agreement administrators and controlling trustees (including solicitor controlling trustees).

  • The process of undertaking a compliance review of practitioner estate administration files, and their systems and controls.

  • Insolvency practitioners—bankruptcy trustees and debt agreement administrators—must apply to the Inspector-General in Bankruptcy and meet particular legislative requirements to become registered practitioners.

  • A payment or transfer of property by a debtor to a creditor (or to more than one creditor) before the debtor becomes bankrupt, where that payment gave the recipient creditor a priority over other creditors. A trustee can claw back this money or property for the benefit of all creditors if certain criteria are satisfied.

  • Information that MUST be read by a debtor before submitting a debtor’s petition, debt agreement proposal or controlling trustee authority to the Official Receiver (AFSA).

  • In addition to security interests, registrations may be made on the Personal Property Securities Register regarding certain types of property prescribed in the Personal Property Securities Regulations 2010, such as motor vehicles subject to hoon liens or property subject to a proceeds of crime order.

  • The requirement for administrative decisions to be reasonable, fair, just and transparent. The three principles of procedural fairness are the fair hearing rule, the bias rule and the no evidence rule. These principles require that a person whose interests will be adversely affected by a decision is given an opportunity to be heard and to hear the case against them, and the decision is made by the decision-maker without bias or the apprehension of bias, and the decision is based upon logically probative evidence.

  • The profits of criminal activity. Legislation that provides for these proceeds to be controlled confiscated and potentially forfeited to the Commonwealth to discourage criminal activity and to prevent reinvestment in further criminal activity.

  • An Act providing for the confiscation, restraint and potential forfeiture to the Commonwealth of property related to the commission of certain offences. The Official Trustee in Bankruptcy has various duties and functions under proceeds of crime legislation. The 1987 Act was largely superseded by the Proceeds of Crime Act 2002. Since the introduction of the Proceeds of Crime Act 2002 in January 2003, no new matters have been initiated under the 1987 Act.

  • The current proceeds of crime legislation under which the Official Trustee in Bankruptcy has various duties in relation to controlling and dealing with assets that are or are alleged to have been acquired with the proceeds of criminal activities pursuant to court orders.

  • The act of obtaining/procuring goods or services.

  • One of the three methods used to conduct a procurement—open tender, prequalified tender or limited tender.

  • Government actions taken to deliver an agency's stated outcomes.

  • A form on which a creditor can outline its claim in an administration. A dividend will only be paid to those creditors whose proof of debt has been admitted by the trustee.

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