Glossary

List of glossary items

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  • 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).

  • 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.

  • 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.

  • A body corporate that administers bankruptcies and other personal insolvency arrangements when a private trustee or other administrator is not appointed.

  • 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.

  • The knowledge, experience, professional skill sets, and specialised people within AFSA that contribute to servicing clients and stakeholders and achieving AFSA's goals.

  • An organisation, such as a company, who grants a security interest in personal property.

  • Government outcomes are the intended results, impacts or consequences of actions by the government on the Australian community.

  • An individual or an organisation.

  • 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.

  • 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.

  • 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.

  • A term that covers debt agreements, personal insolvency agreements, debtors' petition bankruptcies, sequestration order bankruptcies and deceased estate administrations.

  • 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.

  • 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.

  • An association for practitioners who are primarily involved with the personal insolvency industry, particularly Part IX debt agreements.

  • The way in which AFSA transmits reports and file downloads of information from the National Personal Insolvency Index (NPII) to credit reporting and licensing organisations.

  • Property, other than land, buildings and fixtures to land; covers goods, motor vehicles, planes, boats, intellectual property (such as copyright, patents and designs), bank accounts and debts (sometimes known as receivables), shares and other financial property, and private commercial licences; does not apply to direct water rights, nor to most government issued licences or rights. See also consumer property, commercial property, financial property and intangible property.

  • An Act about security interests in personal property.

  • A real-time online register where data in respect of security interests, as well as certain prescribed personal property is registered. The Personal Property Securities Register acts as a noticeboard rather than as a definitive record of security interests in personal property. It is not a register of title or ownership of personal property.

  • 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.

  • An enquiry made to AFSA’s independent Regulation and Enforcement division when a practitioner considers that an offence against the Bankruptcy Act 1966 may have occurred and it is unclear (or the practitioner is undecided) whether there is evidence that satisfies the relevant standard of proof satisfying the obligation to complete an alleged offence referral.

  • 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.

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