List of glossary items

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    • When a debtor becomes bankrupt, lodges a debt agreement proposal or lodges a personal insolvency agreement proposal, he or she must complete their statement of affairs on a specific form. The information provided must truthfully disclose all relevant details about his or her current financial position, including details of all debts and assets that are both currently-owned and were recently-owned.
    • Where a sequestration order is made, the bankrupt must file his or her form within 14 days of being made aware of the order.
  • A branch of mathematics that collects, classifies, analyses and communicates data. A statistic can also be a value obtained from a data collection, such as an estimate.

  • Credit cards issued by non-bank institutions such as department stores.

  • Demonstrates how the various elements of AFSA's organisation align to deliver AFSA's strategic plan.

  • A document that communicates AFSA's vision, purpose and goals for the next four years. It demonstrates how goals will be achieved through organisational expertise and capability.

  • A debtor may seek temporary relief from recovery action taken by a creditor by completing Form 5 of the Bankruptcy Act 1966. Once such a declaration is accepted by the Official Receiver, it prevents unsecured creditors from enforcing their debts for a period of 21 days. During this time, debtors are able to consider their options under the Bankruptcy Act.

  • A proposal lodged by the debtor or an affected creditor if the terms and conditions of the debt agreement are not being carried out. Creditors vote on the proposal to terminate in the same way as they vote on a debt agreement proposal. (Section 185P of the Bankruptcy Act 1966).

  • A debt agreement administrator has a duty to notify creditors where a debt agreement debtor has failed to maintain his or her debt agreement payments for a period of three months.

  • Australia has a robust personal insolvency system. The integrity of the data contained on the PPSR and the appropriate access and use of this data is also of great importance.

    In administering and regulating these systems, AFSA proactively works with stakeholders and members of the public in maintaining high standards of practice. Where it is believed these high standards of practice are compromised, we thoroughly assess the matter.

    Examples of a 'tip off' could be where you have information regarding potential fraud being committed by a practitioner, bankrupt or creditor, or an individual using PPSR data in a fraudulently for gain.

  • A security interest that arises from a transitional security agreement.

  • TIS National is an interpreting service, provided by the Department of Immigration and Citizenship, for people who do not speak English and for the English speakers who need to communicate with them.

  • An application made by a bankrupt to his or her trustee for permission to leave Australia.

  • A person or body who administers a bankruptcy or personal insolvency agreement. They can be either the Official Trustee (AFSA) or a registered trustee. See registered trustee and Official Trustee in Bankruptcy.

  • A transaction where less than market price has been paid for an asset in consideration of a transfer in ownership of the asset. A trustee has the ability to recover the asset or difference in purchase price paid if certain criteria set out in the Bankruptcy Act 1966 are satisfied.

  • A person who is bankrupt. (That is, someone who became bankrupt and whose bankruptcy has not yet ended.) Bankrupts have various obligations and various restrictions upon their conduct.

  • A creditor whose debt does not have security attached to it.

  • A loan that is not tied to any asset e.g. credit cards.

  • A proposal to vary the terms and conditions of an existing debt agreement due to a change in the debtor's circumstances. Creditors vote on the proposal to vary in the same way as they vote on the original proposal. (Section 185M of the Bankruptcy Act 1966.)

  • A document confirming the details of a registration on the Personal Property Securities Register (PPSR), which is automatically generated by the PPSR and sent to the secured party’s address for service.

    It confirms the details of a registration and may need to be given by the secured party to the grantor. Secured parties should ensure that the details on the verification statement received are correct. Some mistakes will mean that the registration is ineffective.

  • All of the property of the bankrupt that belonged to him/her at the start of the bankruptcy or is acquired during the bankruptcy vests in the trustee, except for exempt property. Section 116 of the Bankruptcy Act 1966 defines exempt property. It includes property held by the bankrupt in trust, some household property, some personal property, property (to a certain value) used in earning income, a vehicle (to a certain value) used by the bankrupt, life assurance policies, some superannuation interests, rights to recover compensation for injury and any compensation recovered.

    • Where a bankruptcy trustee has a legal right to deal with both those assets owned by the bankrupt person at the commencement of bankruptcy, and those acquired by or devolved upon the bankrupt person, during the bankruptcy.
    • Where the bankruptcy trustee changes during the administration, assets remaining in the bankruptcy vest in the incoming trustee upon appointment, along with any assets acquired by or devolved upon the bankrupt during bankruptcy.
  • An aspirational description of what AFSA would like to achieve or accomplish in the future. It is intended to serve as a clear guide for choosing current and future courses of action.

  • See proxy.

  • An order from a court of competent jurisdiction that permits a sheriff to seize particular property.