Glossary

List of glossary items

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  • ARITA represents practitioners and other associated professionals who specialise in the fields of restructuring, insolvency and turnaround.

  • An independent Australian government body that acts as Australia's corporate regulator. It's role is to enforce and regulate company and financial services laws to protect Australian consumers, investors and creditors.

  • A legal status in which a person who cannot pay his or her debts obtains protection from further action by most unsecured creditors.

    The person may lodge his or her own application with AFSA to become bankrupt, which if accepted, is referred to as a debtor's petition bankruptcy.

    A creditor can also seek to make a person bankrupt through an application to the court. If the court agrees, it is referred to as a creditor’s petition bankruptcy or sequestration order bankruptcy.

    When a person becomes bankrupt, his or her property is administered by the trustee to allow for the fair distribution of property among creditors.

  • An Act to impose realisations charge and interest charge in relation to certain administrations under the Bankruptcy Act 1966.

  • The Commonwealth legislation that provides for bankruptcy, Part IX (debt agreements), Part X (personal insolvency agreements) and Part XI deceased estate administrations. It deals with individuals.

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