List of glossary items

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  • A certificate pursuant to subsection 185C(2D) of the Bankruptcy Act 1966, which accompanies a debt agreement proposal filed with the Official Receiver. It includes the following:

    • consent to be the debt agreement administrator
    • confirmation that the prescribed information was given to the debtor 
    • a statement that the administrator has reasonable grounds to believe the debtor can afford and sustain the debt agreement
    • a statement that the administrator has reasonable grounds to believe that the debtor has set out all required information in their statement.
  • A form of security that ensures the repayment of a debt (or the performance of an obligation) by providing that, should the debt not be repaid, the creditor has rights to be paid, usually out of the proceeds of the sale of an asset.

  • A form sent to each creditor of a debtor who has proposed a debt agreement, variation or termination so that the creditor can complete it with details of its claim and vote as to whether they accept the proposal or reject it.

  • A method of doing business that focuses on the client.

  • Personal property that has a security interest attached to it as a result of an agreement between a grantor and a secured party. For example, property that can be taken by a lender if a loan is not repaid.

    When making a registration on the Personal Property Securities Register (PPSR), the collateral must be described by a collateral class.

  • A set of categories used on the Personal Property Securities Register (PPSR) to describe the collateral contained in a registration.

    A registration must only relate to a single collateral class. It cannot be amended once a registration is completed.

  • Commercial property is personal property that is not consumer property.

    It is personal property that is held in the course or furtherance to any degree of carrying on an enterprise to which an ABN has been allocated.

  • When AFSA, acting as the Official Trustee, administers an estate, all amounts held in respect of the estate are deposited into the Common Investment Fund.

  • An independent prosecution service established to prosecute alleged offences against Commonwealth law and deprive offenders of the proceeds of criminal activity under the control of the Director, a statutory officer appointed by the Attorney-General.

  • A framework stipulating the importance of performance for Commonwealth entities as required under paragraph 5(b) of the Public Governance, Performance and Accountability Act 2013.

  • A Government scheme whereby agencies are able to provide compensation to people who have experienced detriment as a result of an agency's defective actions or inaction.

  • A debt agreement is completed when the debtor has made all payments and completed all obligations under the debt agreement. (Section 185N of the Bankruptcy Act 1966).

  • Offences against the Bankruptcy Act 1966 or contraventions of the Personal Property Securities Act 2009 that do not fall within the definition of a compliance offence and cannot be resolved by a compliance letter or an infringement notice. Generally, complex offences involve fraud and/or financial loss.

  • Administrative-type bankruptcy offences where an individual, whether bankrupt or not, has failed to comply with a legislated requirement under the Bankruptcy Act 1966, the Insolvency Practice Rules (Bankruptcy) or the Bankruptcy Regulations.

    1. See Section 73 proposal.
    2. A former Part X arrangement, ceasing as at 1 December 2004. (The term is still used in this context for National Personal Insolvency Index purposes.)
  • Where a person is serving or trying to serve two or more interests that aren't compatible. For instance, if a solicitor acted for both parties in a matter.

  • A form completed by a trustee (or two trustees, if they wish to act jointly and severally) confirming that he/she/they is willing and able to act as the trustee(s) of an administration. The form is filed with the Official Receiver.

  • A measure of changes in the price level of consumer goods and services purchased by households.

  • Personal property held by an individual, other than personal property held in the course or furtherance, to any degree, of carrying on an enterprise to which an Australian Business Number (ABN) has been allocated.

  • An asset that might arise if a certain event occurs (e.g. a current legal action being taken by a company might result in an asset if the company wins the case).

  • A liability that might arise if a certain event occurs (e.g. a current legal action against a company might result in a liability if the company loses the case).

  • An amount that a bankrupt is liable to pay if their income exceeds a certain amount. The amount that the bankrupt has to pay is calculated using a statutory formula contained in section 139S of the Bankruptcy Act 1966.

  • A person (a registered trustee, the Official Trustee in Bankruptcy or an eligible solicitor) who investigates a debtor's financial affairs and calls a meeting of the debtor's creditors under Part X of the Bankruptcy Act 1966.

  • Authorisation given by a debtor to a trustee or solicitor of his or her choice that appoints the trustee/solicitor to manage the debtor’s affairs under section 188 of the Bankruptcy Act 1966, without him or her becoming bankrupt.

  • The principal planning document of an entity that sets out the entity’s purpose, what it will do to achieve its purpose and how it will know that it has achieved its purpose. The plan should inform the reader about the significant activities the entity will undertake over the period of the plan.

  • Charging the non-government sector some or all of the costs of a specific government activity. This may include the provision of goods, services or regulation, or a combination of these.

  • A type of government cost recovery charge used when a good or service or, in certain circumstances, regulation is provided directly to a specific individual or organisation.

  • A tool for documenting cost recovery design and operation and reporting on a cost recovered activity. A CRIS must be prepared for each cost recovered activity conducted by a government entity.

    1. In the context of bankruptcy, the court usually refers to the Federal Court of Australia or the Federal Circuit Court of Australia. Both of these courts can hear matters associated with personal insolvency.
    2. In the context of Personal Property Securities, the court usually refers to the Federal Court of Australia, the Federal Circuit Court of Australia or a Supreme Court of a state or territory. Section 207 of the Personal Property Securities Act 2009 contains further details.
  • A file kept by a credit reporting agency that shows a person’s credit history. Lenders access the information in the person’s file to help them decide whether to lend money.

  • A record of a borrower's responsible repayment of debts.

  • A report that details a person's credit history, including every time a credit application is made or a default occurs on a repayment. It is held by a credit reporting agency and a lender must ask the person for permission to get this report.

  • An organisation that collects and sells credit information on individuals and companies.

  • A person, organisation, company or other entity to whom/which money is owed.

  • The vote of a creditor in relation to a matter about an insolvency administration, raised in a formal meeting of creditors or through the debt agreement voting process.

  • An application to a court that is filed by a creditor owed $10,000 or more, or two or more creditors owed $10,000 or more, in which the creditor seeks to make a debtor involuntarily bankrupt.

  • A meeting of the creditors of a debtor or bankrupt that is convened by the controlling trustee or trustee so that certain issues can be put to creditors for their consideration and a vote.

  • An order made by the court that allows the Official Trustee in Bankruptcy to take custody and control of property covered by a restraining order, until further orders are made. The order can be made in relation to property that is believed to have been obtained using the proceeds of criminal activity.