List of glossary items

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  • 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 application with AFSA to become bankrupt, which if accepted, is referred to as a debtor's petition bankruptcy.

    A creditor can also seek to make a person bankrupt through an application to the court. If the court agrees, it is referred to as a creditor’s petition bankruptcy or sequestration order bankruptcy.

    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.