List of glossary items

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  • This is property to which the Personal Property Securities Act 2009 (Cth) applies.

    It is property, other than land, buildings and fixtures to land including:

    • goods
    • motor vehicles
    • planes
    • boats
    • intellectual property (such as copyright, patents and designs), bank accounts and debts (sometimes known as receivables)
    • shares and other financial property
    • and private commercial licences

    It does not apply to direct water rights, nor to most government issued licences or rights.

  • The Personal Property Securities Act 2009 (Cth) is the law on security interests in personal property. It also established the PPSR. AFSA, through the Registrar of Personal Property Securities, administers the PPSA and the PPSR.

  • The PPSR is the official government register of security interests in personal property – these are debts or other obligations that are secured by personal property. It’s an online noticeboard accessible by the general public 24/7 and is not a register of title or ownership of personal property.

    The PPSR started on 30 January 2012 and replaced many state based registers, (such as REVS and other vehicle registers and the ASIC Register of Company Charges), to form one national register.

  • A security interest in personal property.

  • Refers to an area of responsibility assigned to a Minister of the Australian Government under the Administrative Arrangements Order. A portfolio may encompass more than one Department of State, for example, the Defence Portfolio consists of the Department of Defence and the Department of Veterans' Affairs.

  • Inform members of parliament and the public of the proposed allocation of resources to government outcomes. They also assist the Senate standing committees with their examination of the government's Budget.

  • A party who is responsible for administering an insolvency. Can include the Official Trustee in Bankruptcy, registered trustees, registered debt agreement administrators and controlling trustees (including solicitor controlling trustees).

  • The process of undertaking a compliance review of practitioner estate administration files, and their systems and controls.

  • Insolvency practitioners—bankruptcy trustees and debt agreement administrators—must apply to the Inspector-General in Bankruptcy and meet particular legislative requirements to become registered practitioners.

  • The Regulation function operates independently from AFSA's other functional roles, discharging the regulatory and review responsibilities of the Inspector-General in Bankruptcy under the Bankruptcy Act 1966.

  • A payment or transfer of property by a debtor to a creditor (or to more than one creditor) before the debtor becomes bankrupt, where that payment gave the recipient creditor a priority over other creditors. A trustee can claw back this money or property for the benefit of all creditors if certain criteria are satisfied.

  • Information that MUST be read by a debtor before submitting a debtor’s petition, debt agreement proposal or controlling trustee authority to the Official Receiver (AFSA).

  • In addition to security interests, registrations may be made on the Personal Property Securities Register regarding certain types of property prescribed in the Personal Property Securities Regulations 2010, such as motor vehicles subject to hoon liens or property subject to a proceeds of crime order.

  • The requirement for administrative decisions to be reasonable, fair, just and transparent. The three principles of procedural fairness are the fair hearing rule, the bias rule and the no evidence rule. These principles require that a person whose interests will be adversely affected by a decision is given an opportunity to be heard and to hear the case against them, and the decision is made by the decision-maker without bias or the apprehension of bias, and the decision is based upon logically probative evidence.

  • The profits of criminal activity. Legislation that provides for these proceeds to be controlled confiscated and potentially forfeited to the Commonwealth to discourage criminal activity and to prevent reinvestment in further criminal activity.

  • An Act providing for the confiscation, restraint and potential forfeiture to the Commonwealth of property related to the commission of certain offences. The Official Trustee in Bankruptcy has various duties and functions under proceeds of crime legislation. The 1987 Act was largely superseded by the Proceeds of Crime Act 2002. Since the introduction of the Proceeds of Crime Act 2002 in January 2003, no new matters have been initiated under the 1987 Act.

  • The current proceeds of crime legislation under which the Official Trustee in Bankruptcy has various duties in relation to controlling and dealing with assets that are or are alleged to have been acquired with the proceeds of criminal activities pursuant to court orders.

  • The act of obtaining/procuring goods or services.

  • One of the three methods used to conduct a procurement—open tender, prequalified tender or limited tender.

  • Government actions taken to deliver an agency's stated outcomes.

  • A form on which a creditor can outline its claim in an administration. A dividend will only be paid to those creditors whose proof of debt has been admitted by the trustee.

  • Efficient, effective, economical and ethical when used in relation to the use or management of public resources under the Public Governance, Performance and Accountability Act 2013 (PGPA Act).

  • Money that can’t be claimed by a trustee in bankruptcy e.g. some superannuation funds, insurance policies and compensation payments for personal injury.

  • A debt that entitles the creditor to lodge a claim and participate in a dividend in a debt agreement, personal insolvency agreement, bankruptcy or deceased estate administration.

  • A written appointment given by one person to another person to act for him or her. In a personal insolvency context, a proxy is usually the granting by a creditor of the right to vote in its place at a meeting of creditors convened by a trustee.

  • An Act to provide for the establishment and management of the Australian Public Service, and for other purposes.

  • Purpose includes 'the objectives, functions or role' of an entity. The aim of the purpose statement is to give context to the significant activities that AFSA will pursue.

    1. The number of members of a group or organisation required to be present to transact business legally, usually a majority.
    2. At a meeting of creditors a quorum is determined by the trustee and requires a minimum of one creditor who is entitled to vote (either in person or by proxy) and the trustee (or its representative) present. A note to section 64N of the Bankruptcy Act 1966 states that at least two persons must be physically present, that is the trustee (or its representative) cannot also be the proxy or attorney of the creditor who is entitled to vote.
  • Land, including vacant land, or land together with such things that are by law considered to be part of the land, e.g. buildings, houses, fences.

  • Land and interests in land, including vacant land, or land together with such things that are by law considered to be part of the land, e.g. buildings, houses, fences.

  • An incoming receipt in a personal insolvency. This could be from the sale of an asset, the recovery of income contributions, a debtor paying instalments from income, a receipt in relation to an Official Receiver notice, the Australian Taxation Office paying a tax return to the trustee, settling litigation etc.

  • A levy on the money received by bankruptcy, composition, debt agreement, and personal insolvency agreement and deceased estate administration practitioners.

  • A referral made by a practitioner—to AFSA’s independent Enforcement and Practitioner Supervision division—when they consider there is evidence that satisfies the relevant standard of proof of an offence under the Bankruptcy Act 1966. Members of the public can also submit referrals when they have evidence of an offence under the Bankruptcy Act 1966 or a contravention of the Personal Property Securities Act 2009. The offence referral must contain all of the information and evidence about the alleged offence.

  • A person and/or company registered with AFSA on the National Personal Insolvency Index permitted to have control of the administration of debt agreements under Part IX of the Bankruptcy Act 1966.

  • A person registered with AFSA on the National Personal Insolvency Index permitted to have control of the administration of bankruptcies, personal insolvency agreements under Part X or debt agreements under Part IX of the Bankruptcy Act 1966.

  • A person appointed in accordance with the Personal Property Securities Act in order to administer the operation of the Personal Property Securities Register (PPSR) and make and delegate powers to make decisions with respect to its data and other relevant matters.

  • A creditor who has some relationship to a particular debtor/bankrupt.

    For debt agreements lodged after 27 June 2019, 'related creditor' may also refer to a creditor who has some relationship with the debt agreement administrator.

  • For insolvency purposes in relation to a person, the Bankruptcy Act 1966 defines it as:

    1. a relative of the person
    2. a body corporate of which the person, or a relative of the person, is a director
    3. a body corporate that is related to the body corporate referred to in paragraph (b)
    4. a director, or a relative of a director, of a body corporate referred to in paragraph (b) or (c)
    5. a beneficiary under a trust of which the person, or a relative of the person, is a trustee
    6. a relative of such a beneficiary
    7. a relative of the spouse, or de facto partner, of such a beneficiary
    8. a trustee of a trust under which the person, or a relative of the person, is a beneficiary.
  • 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.

  • An authority signed by both the debtor and the controlling trustee to enable either a registered trustee, a solicitor or the Official Trustee to call a meeting of the debtor's creditors to consider a personal insolvency agreement. The authority does not become effective until both parties have signed it.

  • Trustees may obtain Commonwealth funding assistance under section 305 of the Bankruptcy Act 1966 to initiate or defend proceedings or to pursue inquiries for certain matters. Section 305 funding is intended to facilitate the proper carrying out of the trustee's statutory and fiduciary duties.

  • Such proposals are compositions or arrangements made by bankrupts through their trustees to finalise their debts. The creditors vote on whether or not to accept such offers. An offer may involve assets already in the bankruptcy or may include other money or assets that would not normally be available to creditors, such as money provided by a relative. These offers may benefit creditors as they receive a dividend that would not be otherwise available. All creditors will receive an equal rate of dividend unless the offer provides otherwise.

  • A creditor, whose debt is secured. The Bankruptcy Act 1966 requires such a creditor either to satisfy the requirements of the Personal Property Securities Act 2009 or to hold a mortgage, charge or lien on property of the debtor as a security for a debt to the creditor from the debtor.

  • A loan where an asset is used as security or collateral. If you don’t make repayments, the provider may be able to repossess the asset (even if you are bankrupt).

  • A security interest is most commonly created when a secured party (such as a lender) takes an interest in personal property of a grantor (such as a borrower), as security for a loan or other obligation. The security interest means the secured party can take the personal property (known as the collateral) if the secured obligation is not met.

    Security interests can only arise when there is agreement between the grantor and the secured party. There are a small number of other types of transactions that also create security interests known as deemed security interests.

  • An order of a court of competent jurisdiction making a person bankrupt based on a creditor being owed $20,000 or more petitioning to have that person made bankrupt.

  • A public commitment to what clients and stakeholders can expect when dealing with AFSA.

  • Describe the level of service AFSA aims to deliver.

  • Outstanding money owing after the sale of a secured asset.

  • Occurs when the Official Receiver is notified (as required by section 185LC of the Bankruptcy Act 1966) that a debtor has not made any payments for six months after a payment is due, or the debtor does not complete the terms and conditions of the debt agreement within six months of the completion date of the debt agreement. A six-month arrears default results in the debt agreement being terminated (section 185QA).

  • A type of business structure run by one person. AFSA deals with the insolvency of individuals and sole traders.

  • A matter administered by the Official Trustee in Bankruptcy other than a bankruptcy, personal insolvency agreement, debt agreement, deceased estate administration or proceeds of crime matter. The function is described in the Bankruptcy Act 1966 as 'acting in accordance with an order of a court relating to the payment of a debt due by a person to the Commonwealth or a Commonwealth authority'.

  • The Bankruptcy Act 1966 defines this as a resolution passed by a majority in number and at least three-fourths in value of the parties voting. In a personal insolvency context, it is generally creditors to whom issues are put to a vote.