Glossary

List of glossary items

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  • 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.

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