Glossary

List of glossary items

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  • 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).

  • An amount that a bankrupt is liable to pay if their income exceeds a certain amount. The amount that the bankrupt has to pay is calculated using a statutory formula contained in section 139S of the Bankruptcy Act 1966.

  • A person (a registered trustee, the Official Trustee in Bankruptcy or an eligible solicitor) who investigates a debtor's financial affairs and calls a meeting of the debtor's creditors under Part X of the Bankruptcy Act 1966.

  • Authorisation given by a debtor to a trustee or solicitor of his or her choice that appoints the trustee/solicitor to manage the debtor’s affairs under section 188 of the Bankruptcy Act 1966, without him or her becoming bankrupt.

  • The principal planning document of an entity that sets out the entity’s purpose, what it will do to achieve its purpose and how it will know that it has achieved its purpose. The plan should inform the reader about the significant activities the entity will undertake over the period of the plan.

  • Charging the non-government sector some or all of the costs of a specific government activity. This may include the provision of goods, services or regulation, or a combination of these.

  • A type of government cost recovery charge used when a good or service or, in certain circumstances, regulation is provided directly to a specific individual or organisation.

  • A tool for documenting cost recovery design and operation and reporting on a cost recovered activity. A CRIS must be prepared for each cost recovered activity conducted by a government entity.

    1. In the context of bankruptcy, the court usually refers to the Federal Court of Australia or the Federal Circuit Court of Australia. Both of these courts can hear matters associated with personal insolvency.
    2. In the context of Personal Property Securities, the court usually refers to the Federal Court of Australia, the Federal Circuit Court of Australia or a Supreme Court of a state or territory. Section 207 of the Personal Property Securities Act 2009 contains further details.
  • A file kept by a credit reporting agency that shows a person’s credit history. Lenders access the information in the person’s file to help them decide whether to lend money.

  • A record of a borrower's responsible repayment of debts.

  • A report that details a person's credit history, including every time a credit application is made or a default occurs on a repayment. It is held by a credit reporting agency and a lender must ask the person for permission to get this report.

  • An organisation that collects and sells credit information on individuals and companies.

  • A person, organisation, company or other entity to whom/which money is owed.

  • The vote of a creditor in relation to a matter about an insolvency administration, raised in a formal meeting of creditors or through the debt agreement voting process.

  • An application to a court that is filed by a creditor in which the creditor seeks to make a debtor involuntarily bankrupt.

  • A meeting of the creditors of a debtor or bankrupt that is convened by the controlling trustee or trustee so that certain issues can be put to creditors for their consideration and a vote.

  • An order made by the court that allows the Official Trustee in Bankruptcy to take custody and control of property covered by a restraining order, until further orders are made. The order can be made in relation to property that is believed to have been obtained using the proceeds of criminal activity.

  • Data are values or observations from a collection gathered for reference and information.

  • An amount owed.

  • A legally-binding agreement under Part IX of the Bankruptcy Act 1966 between a person who cannot pay his or her debts and his or her creditors. A debt agreement is made when creditors agree to accept the proposed terms and conditions of the debt agreement to settle the debts.

  • An eligible person nominated by a debtor to handle a debt agreement on his or her behalf. May only be a Registered Debt Agreement Administrator, a Registered Trustee or the Official Trustee.

  • A proposal put forward by an eligible debtor with unmanageable debts to enter into a debt agreement. This proposal must be on a set form and is put to creditors to vote upon. Proposing a debt agreement is an act of bankruptcy.

  • The fee payable to the Official Receiver (AFSA) when a debtor lodges a debt agreement proposal.

  • An entity that buys debts from a creditor (for less than their face value) and tries to recover the full amount.

  • A person who owes a debt.

    1. An application from a debtor to become voluntarily bankrupt.
    2. The relevant form (Form 6) for the above process.
  • Debts that a bankrupt is still liable to pay after discharge from bankruptcy, completion of a debt agreement or discharge of a personal insolvency agreement obligations.

    1. The property and assets of a person who has died.
    2. Part XI of the Bankruptcy Act 1966 contains provisions enabling the insolvent estate of a deceased person to be administered in a way that is similar to a Part IV bankruptcy. Part XI provides for both the administration of deceased estates for persons who are insolvent at the date of death and those deceased estates that subsequently become insolvent because of debts incurred by the legal personal representative of the deceased estate.
  • 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.

  • Used in bankruptcy to show how many people depend on the bankrupt person for economic support. To be classified as dependant, they must meet three conditions:

    1. live with the bankrupt person
    2. be wholly or partly dependant on the bankrupt person for economic support
    3. have an annual income less than the set amount.
  • An officer appointed to be responsible for directing and managing the affairs of the company.

  • The end of a person's period of bankruptcy—although the activities of the bankrupt estate may continue. At present, the date of discharge is the day after bankruptcy ends, which is three years and one day from when a person files their statement of affairs with the Official Receiver, unless an objection to discharge is filed by the trustee that extends the bankruptcy.

  • A person whose period of bankruptcy has ended. A discharged bankrupt still has obligations at law but is no longer bankrupt.

  • A type of trust where the distributions from the trust are made at the discretion of the trustee.

  • A distribution of funds that is made to creditors from any asset or income realisations in an administration under the Bankruptcy Act 1966.

  • Assets/property that can legally be sold in bankruptcy by the trustee.

  • For a Commonwealth entity, the Act or legislative instrument that establishes the entity.

  • AFSA's Enforcement function is responsible for investigating all alleged offences under the Bankruptcy Act 1966 and Personal Property Securities Act 2009, preparing briefs for prosecution and providing support to prosecutors and litigants.

  • An integrated view of the data produced and consumed across an entire organisation.

  • Explains the nature and intricacies of the environment in which AFSA operates. This can include demographic, geographic or temporal factors that affect AFSA and its work, and the regulatory or competitive environment that AFSA operates in.

  • A person's estate is comprised of his or her property. When a person becomes bankrupt, ownership of most property and the rights attached to this property transfers to the trustee, and the trustee deals with this property (the trustee administers the estate) for the benefit of creditors.

  • In relation to a person means the person's dealings, transactions, property and affairs and the financial affairs of an associated entity of the person in so far as they are or appear to be relevant to the person or to any of his or her conduct, dealings, transactions, property and affairs.

  • Assets/property that cannot be sold in bankruptcy by the trustee. These are identified in s116 of the Bankruptcy Act 1966.

  • When a debt is released after bankruptcy, debt agreement or personal insolvency agreement. This means the person is no longer liable to pay the debt.

  • A judgment that finally determines the issues between the parties in a proceeding. A bankruptcy notice must be founded on a 'final judgment or order'.

  • A person who gives confidential and independent assistance to people with financial problems. Financial counselling services are usually provided by community or welfare organisations and are often provided free of charge.

  • Personal property such as currency, document of title, shares and cheques.

  • The data amending a registered financial statement.

  • The online statement in which data is entered in an application for registration on the Personal Property Securities Register.

  • Property that the court determines was obtained with the proceeds of criminal activity and that has its ownership transferred to the Commonwealth under proceeds of crime legislation.

  • A court order under proceeds of crime legislation transferring property to the Commonwealth.

  • Defined by the Commonwealth Fraud Control Better Practice Guidance as 'dishonestly obtaining a benefit, or causing a loss, by deception or other means'.

  • An Act to give members of the public rights of access to official documents of the Australian Government and of its agencies.

  • An automatic deduction arranged without a person's consent (generally from their income or bank account) due to non-payment of a debt. A trustee in bankruptcy can garnishee income or monies held by third parties on behalf of a bankrupt, where the bankrupt has been assessed as liable to pay income contributions to his or her bankrupt estate and has failed to make payments.

  • An observable and measurable end result that can have one or more objectives. AFSA's corporate goals are designed to achieve government objectives. The goals shape business priorities, measures and strategies which in turn inform the planning, delivery, monitoring and improvement of processes for all of AFSA's work.

  • A legally binding promise whereby one party assumes responsibility for the debt, or performance obligations, of another party should that party default in some way, for example, where an entity guarantees payment of bank borrowings by a third party.

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