Glossary

List of glossary items

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  • 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.

  • Efficient, effective, economical and ethical when used in relation to the use or management of public resources under the Public Governance, Performance and Accountability Act 2013 (PGPA Act).

  • Money that can’t be claimed by a trustee in bankruptcy e.g. some superannuation funds, insurance policies and compensation payments for personal injury.

  • A debt that entitles the creditor to lodge a claim and participate in a dividend in a debt agreement, personal insolvency agreement, bankruptcy or deceased estate administration.

  • A written appointment given by one person to another person to act for him or her. In a personal insolvency context, a proxy is usually the granting by a creditor of the right to vote in its place at a meeting of creditors convened by a trustee.

  • An Act to provide for the establishment and management of the Australian Public Service, and for other purposes.

  • Purpose includes 'the objectives, functions or role' of an entity. The aim of the purpose statement is to give context to the significant activities that AFSA will pursue.

    1. The number of members of a group or organization required to be present to transact business legally, usually a majority.
    2. At a meeting of creditors a quorum is determined by the trustee and requires a minimum of one creditor who is entitled to vote (either in person or by proxy) and the trustee (or its representative) present. A note to section 64N of the Bankruptcy Act 1966 states that at least two persons must be physically present, that is the trustee (or its representative) cannot also be the proxy or attorney of the creditor who is entitled to vote.
  • Land, including vacant land, or land together with such things that are by law considered to be part of the land, e.g. buildings, houses, fences.

  • Land and interests in land, including vacant land, or land together with such things that are by law considered to be part of the land, e.g. buildings, houses, fences.

  • An incoming receipt in a personal insolvency. This could be from the sale of an asset, the recovery of income contributions, a debtor paying instalments from income, a receipt in relation to an Official Receiver notice, the Australian Taxation Office paying a tax return to the trustee, settling litigation etc.

  • A levy on the money received by bankruptcy, composition, debt agreement, and personal insolvency agreement and deceased estate administration practitioners.

  • A person and/or company registered with AFSA on the National Personal Insolvency Index permitted to have control of the administration of debt agreements under Part IX of the Bankruptcy Act 1966.

  • A person registered with AFSA on the National Personal Insolvency Index permitted to have control of the administration of bankruptcies, personal insolvency agreements under Part X or debt agreements under Part IX of the Bankruptcy Act 1966.

  • The Registrar administers the Personal Property Securities Register in compliance with the Personal Property Securities Act 2009 and Regulations. The Registrar is appointed by the Attorney-General under the Personal Property Securities Act.

  • The Regulation function operates independently from AFSA's other functional roles, discharging the regulatory and review responsibilities of the Inspector-General in Bankruptcy under the Bankruptcy Act 1966.

  • The Regulation function operates independently from AFSA's other functional roles, discharging the regulatory and review responsibilities of the Inspector-General in Bankruptcy under the Bankruptcy Act. The enforcement function is responsible for investigating all alleged offences under the Bankruptcy Act and preparing briefs for prosecution.

  • A creditor who has some relationship to a particular debtor/bankrupt.

  • For insolvency purposes in relation to a person, the Bankruptcy Act 1966 defines it as:

    1. a relative of the person
    2. a body corporate of which the person, or a relative of the person, is a director
    3. a body corporate that is related to the body corporate referred to in paragraph (b)
    4. a director, or a relative of a director, of a body corporate referred to in paragraph (b) or (c)
    5. a beneficiary under a trust of which the person, or a relative of the person, is a trustee
    6. a relative of such a beneficiary
    7. a relative of the spouse, or de facto partner, of such a beneficiary
    8. a trustee of a trust under which the person, or a relative of the person, is a beneficiary.
  • For insolvency purposes in relation to a person the Bankruptcy Act 1966 defines it as:

    1. the spouse of the person or
    2. a parent or remoter lineal ancestor of the person or of the person's spouse or
    3. a child or remoter lineal descendant of the person or of the person's spouse or
    4. a brother or sister of the person or of the person's spouse or
    5. an uncle, aunt, nephew or niece of the person or of the person's spouse or
    6. the spouse of a person specified in paragraph (b), (c), (d) or (e).
    • When there is no longer a liability to repay a debt.
    • At the date of discharge a bankrupt is released from most debts. This means the bankrupt is no longer responsible for or has to pay those debts.
    • A debtor subject to a Part X personal insolvency agreement is also released from most debts when he or she meets certain conditions of the agreement with creditors.
    • A debt agreement debtor is released from most debts when the terms of the agreement are completed.
  • A vote accepted by a certain proportion of the parties entitled to vote (or their proxies) at a meeting. The Bankruptcy Act 1966 requires a majority in value of the creditors present personally, by telephone, by attorney or by proxy to vote for a resolution to pass.

  • Property subject to a restraining order under proceeds of crime legislation that must not be disposed of, or otherwise dealt with, by any person except in the manner and circumstances specified in the court order or under the legislation.

  • Property of the bankrupt that vested in the trustee can become the former bankrupt's property again if the trustee did not deal with it (most commonly by selling it) within the period specified in legislation and the trustee did not extend the revesting date; and can also occur after an annulment.

  • An authority signed by both the debtor and the controlling trustee to enable either a registered trustee, a solicitor or the Official Trustee to call a meeting of the debtor's creditors to consider a personal insolvency agreement. The authority does not become effective until both parties have signed it.

  • Trustees may obtain Commonwealth funding assistance under section 305 of the Bankruptcy Act 1966 to initiate or defend proceedings or to pursue inquiries for certain matters. Section 305 funding is intended to facilitate the proper carrying out of the trustee's statutory and fiduciary duties.

  • Such proposals are compositions or arrangements made by bankrupts through their trustees to finalise their debts. The creditors vote on whether or not to accept such offers. An offer may involve assets already in the bankruptcy or may include other money or assets that would not normally be available to creditors, such as money provided by a relative. These offers may benefit creditors as they receive a dividend that would not be otherwise available. All creditors will receive an equal rate of dividend unless the offer provides otherwise.

  • A creditor, whose debt is secured. The Bankruptcy Act 1966 requires such a creditor either to satisfy the requirements of the Personal Property Securities Act 2009 or to hold a mortgage, charge or lien on property of the debtor as a security for a debt to the creditor from the debtor.

  • A loan where an asset is used as security or collateral. If you don’t make repayments, the provider may be able to repossess the asset (even if you are bankrupt).

  • An order of a court of competent jurisdiction making a person bankrupt based on a creditor being owed $5,000 or more petitioning to have that person made bankrupt.

  • A public commitment to what clients and stakeholders can expect when dealing with AFSA.

  • Describe the level of service AFSA aims to deliver.

  • Outstanding money owing after the sale of a secured asset.

  • Occurs when the Official Receiver is notified (as required by section 185LC of the Bankruptcy Act 1966) that a debtor has not made any payments for six months after a payment is due, or the debtor does not complete the terms and conditions of the debt agreement within six months of the completion date of the debt agreement. A six-month arrears default results in the debt agreement being terminated (section 185QA).

  • A type of business structure run by one person. AFSA deals with the insolvency of individuals and sole traders.

  • A matter administered by the Official Trustee in Bankruptcy other than a bankruptcy, personal insolvency agreement, debt agreement, deceased estate administration or proceeds of crime matter. The function is described in the Bankruptcy Act 1966 as 'acting in accordance with an order of a court relating to the payment of a debt due by a person to the Commonwealth or a Commonwealth authority'.

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