Glossary

List of glossary items

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  • The record of independent reviews performed by the Administrative Appeals Tribunal (AAT). The AAT provides independent review of a wide range of administrative decisions made by the Australian Government and some non-government bodies.

  • The person or group of persons who has responsibility for, and control over, the entity's operations. AFSA's accountable authority is our Chief Executive and Inspector-General in Bankruptcy.

  • Written instructions to officials that assist AAs to meet their obligations under the Public Governance, Performance and Accountability Act 2013 (PGPA Act).

  • An action, event or declaration listed in section 40 of the Bankruptcy Act 1966, which can be used by a creditor to apply to the court to make a person bankrupt.

  • Work that an organisation performs using business processes to achieve a specific result.

    1. A personal insolvency. Can be a debt agreement, personal insolvency agreement, Part IV bankruptcy or Part XI deceased estate.
    2. The effective and efficient management of a debtor's or bankrupt's financial affairs in accordance with the Bankruptcy Act 1966.
  • Sequential numbers assigned to insolvency administrations. In the format STATE SEQUENTIAL NUMBER / YEAR / CHECK DIGIT—e.g. TAS 6000/14/3.

  • A process under the Personal Property Securities Act 2009 that allows persons with an interest in collateral described in a registration to demand to have the registration removed or amended in certain circumstances.

  • Provides independent review of a wide range of administrative decisions made by the Australian Government and some non-government bodies.

  • An Act relating to the review on questions of law of certain administrative decisions.

  • The provisions contained in a range of legislation giving entitlement to seek review of a decision made by a government department or agency.

  • Publication of a notice on the AFSA website or in a newspaper via the method approved by the Inspector-General advising a meeting of creditors.

  • AFSA's online annual estate return (AER) service.

  • Property acquired by a bankrupt after the date of bankruptcy and before discharge.

  • Personal property over which the grantor has an interest at the time the registration is made on the PPS Register, and personal property acquired after the registration is made on the PPS Register.

  • All present and after-acquired property, except for an item or class of personal property stated in the registration as being exempt.

  • A person or entity who/that is alleged to have committed a criminal offence/s.

  • Used to collect information on the operation of the Bankruptcy Act 1966 from debt agreement administrators, controlling trustees and registered trustees. Paragraph 12(1)(c) of the Bankruptcy Act empowers the Inspector-General in Bankruptcy to obtain this information. See also s170 annual return.

  • A document prepared by a Commonwealth entity's accountable authority after the end of a financial year that acquits actual performance against the planned performance for that year described in the entity's corporate plan. Annual performance statements are included in an entity's annual report.

  • A transaction that has taken place prior to a personal insolvency agreement or bankruptcy that is void against the trustee. Includes a transaction where less than market value has been paid for an asset, a transfer has been made to prevent the property becoming divisible among creditors or a preferential payment has been made to a specific creditor. A trustee has the ability to recover the asset or difference in purchase price paid.

  • A request made in an insolvency context. Including applications made to the Official Receiver (e.g. bankruptcy notice, Official Receiver notice), to the Inspector-General (e.g. to be registered as a trustee) or to the Official Trustee in Bankruptcy (e.g. a bankrupt wishing to obtain consent to travel overseas). Can also refer to the submitting of a form.

  • Prior to commencement of the Personal Property Securities Register, company charges were recorded on a register administered by the Australian Securities and Investments Commission (ASIC). Those charges were migrated to the Personal Property Securities Register.

  • Maintenance incurred in relation to a managed asset i.e. insurance, registration, land taxes, rates, services, storage, real estate expenses, etc.

  • The central web-based facility for the publication of Australian Government procurement information, including business opportunities, annual procurement plans and contracts awarded.

  • 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 petition to become bankrupt (a debtor's petition) or a creditor may lodge a petition to make the debtor bankrupt (a sequestration order). 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.

  • An Act that introduced a range of amendments to the Bankruptcy Act 1966.

  • A formal, final demand for payment of a debt by a creditor owed at least $5,000 on one or more final judgments or final orders. This notice is issued by the Official Receiver at the request of a creditor, who must have a judgment from a court of competent jurisdiction to evidence their claim that they are owed money. Failure to comply with a bankruptcy notice constitutes an act of bankruptcy.

  • An online service offered by AFSA that allows access to personal insolvency information via the National Personal Insolvency Index (NPII) for a fee.

  • 1. Is a measurable improvement resulting from an outcome, which contributes to one or more of AFSA's goals; and is perceived to be an advantage by one or more stakeholders.
    2. In a bankruptcy context, a bankrupt might derive a non-cash benefit that may be income for contributions purposes. The benefit could be from any of a number of sources, including loans, fringe benefits or moneys paid to third parties as a result of exertion by a bankrupt. These types of benefits are included when calculating the bankrupt's income in order to determine his or her income contribution liability.

  • Is a record, at a point in time, of evidence that has been collated by AFSA for referral to the Commonwealth Director of Public Prosecutions (CDPP), or to be served against a defendant in a prosecution, in relation to a suspected offence/s.

  • A set of activities that a business must perform in order to meet its business goals and objectives.

  • A service that provides value to its consumers through the enactment of a defined business process.

  • Where an individual's bankruptcy is directly related to his or her proprietary interest in a business.

  • The ability for AFSA to utilise resources effectively to achieve a predictable, productive outcome. A capability is built from the people, knowledge and skills present within AFSA, the services they provide and consume, the systems utilised in providing and consuming those services, and the data that underpins these systems and human knowledge. AFSA’s core capabilities are contained in the following key areas; financial and legal, process and administration, data analytics and technology.

  • A certificate issued by the Official Receiver confirming the appointment of a trustee (or trustees) to an insolvency administration.

  • A certificate pursuant to subsection 185C(2D) of the Bankruptcy Act 1966, which accompanies a debt agreement proposal filed with the Official Receiver. It includes the following:

    • consent to be the debt agreement administrator
    • confirmation that the prescribed information was given to the debtor 
    • a statement that the administrator has reasonable grounds to believe the debtor can afford and sustain the debt agreement
    • a statement that the administrator has reasonable grounds to believe that the debtor has set out all required information in their statement.
  • A form of security that ensures the repayment of a debt (or the performance of an obligation) by providing that, should the debt not be repaid, the creditor has rights to be paid, usually out of the proceeds of the sale of an asset.

  • A form sent to each creditor of a debtor who has proposed a debt agreement, variation or termination so that the creditor can complete it with details of its claim and vote as to whether they accept the proposal or reject it.

  • A method of doing business that focuses on the client.

  • Personal property offered up as security for a debt or other obligation owed to sellers, financiers or other secured parties; collateral is personal property that has a security interest attached to it and must be described when registering on the PPSR.

  • The following classes of collateral are prescribed in the PPS Regulations: agriculture, aircraft, all present and after acquired property, all present and after-acquired property, except, financial property, intangible property, motor vehicles, other goods and watercraft.

  • Personal property other than consumer property.

  • When AFSA, acting as the Official Trustee, administers an estate, all amounts held in respect of the estate are deposited into the Common Investment Fund.

  • An independent prosecution service established to prosecute alleged offences against Commonwealth law and deprive offenders of the proceeds of criminal activity under the control of the Director, a statutory officer appointed by the Attorney-General.

  • A framework stipulating the importance of performance for Commonwealth entities as required under paragraph 5(b) of the Public Governance, Performance and Accountability Act 2013.

  • A Government scheme whereby agencies are able to provide compensation to people who have experienced detriment as a result of an agency's defective actions or inaction.

  • A debt agreement is completed when the debtor has made all payments and completed all obligations under the debt agreement. (Section 185N of the Bankruptcy Act 1966).

    1. See Section 73 proposal.
    2. A former Part X arrangement, ceasing as at 1 December 2004. (The term is still used in this context for National Personal Insolvency Index purposes.)
  • Where a person is serving or trying to serve two or more interests that aren't compatible. For instance, if a solicitor acted for both parties in a matter.

  • A form completed by a trustee (or two trustees, if they wish to act jointly and severally) confirming that he/she/they is willing and able to act as the trustee(s) of an administration. The form is filed with the Official Receiver.

  • A measure of changes in the price level of consumer goods and services purchased by households.

  • Personal property held by an individual, other than personal property held in the course or furtherance, to any degree, of carrying on an enterprise to which an Australian Business Number (ABN) has been allocated.

  • An asset that might arise if a certain event occurs (e.g. a current legal action being taken by a company might result in an asset if the company wins the case).

  • A liability that might arise if a certain event occurs (e.g. a current legal action against a company might result in a liability if the company loses the case).

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