Glossary

List of glossary items

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  • 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.)

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