Glossary

List of glossary items

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  • AFSA’s independent Regulation and Enforcement division examines complaints made against registered trustees and registered debt agreement administrators.

  • A thing or circumstance that causes ongoing or persistent suffering or difficulty. There are specific hardship provisions in section 139T of the Bankruptcy Act 1966 that are limited to exceptional circumstances that would impose an excessive financial burden on a debtor. The list of hardship reasons is exhaustive and includes ongoing medical expenses, necessary childcare costs to enable employment and rent costs.

  • Some state and territory laws provide that motor vehicles used in the commission of certain offences may be made subject to impoundment, immobilisation and forfeiture. Motor vehicles that have been the subject of such sanctions may be registered on the Personal Property Securities Register, as a hoon lien.

  • Items that a bankrupt is able to retain when they become a bankrupt (i.e. that are not divisible property). A list of these items can be found in Bankruptcy Regulation 6.03.

  • This is the income of the bankrupt that is used for assessing his or her income contributions liability. It is not necessarily the same as the bankrupt's taxable income for taxation purposes, as certain amounts are specifically included in, or excluded from, income for bankruptcy purposes—see section 139L of the Bankruptcy Act 1966.

  • A bankrupt may be liable to make a contribution—subject to thresholds and the number of dependents—to their bankrupt estate from income earned during their bankruptcy. It is fitting that some of the income from the bankrupt's efforts during the bankruptcy are used to satisfy their past debts.

  • A legally-binding promise whereby a party undertakes to accept the risk of loss or damage another party may suffer. For example, where an entity hires a venue to host a conference it may indemnify the owner of that venue against losses that may be suffered if attendees damage the venue. An indemnity may give rise to a contingent liability for the party who gives the indemnity.

  • AFSA no longer has Index Search Agents. Index Search Agents were previously listed on our website as they provided the only way for the general public to search the National Personal Insolvency Index (NPII). AFSA has moved away from this operating model and on 19 October 2014, we launched our own online Bankruptcy Register Search (BRS) service. Users can now self-serve and conduct a search of the NPII for a fee of $15.00.

    For more information please see: https://www.afsa.gov.au/online-services/bankruptcy-register-search

  • Amounts referenced in the Bankruptcy Act 1966 and related statutory instruments that are periodically adjusted in accordance with the consumer price index. Some are adjusted every quarter, others every six months. As an example, they identify the value of assets that can be retained by a bankrupt or the income a bankrupt can earn before they are required by law to contribute towards their bankruptcy.

  • A person that is an individual person (as opposed to an organisation, such as a company) who grants a security interest in personal property.

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