Glossary

List of glossary items

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  • All of the property of the bankrupt that belonged to him/her at the start of the bankruptcy or is acquired during the bankruptcy vests in the trustee, except for exempt property. Section 116 of the Bankruptcy Act 1966 defines exempt property. It includes property held by the bankrupt in trust, some household property, some personal property, property (to a certain value) used in earning income, a vehicle (to a certain value) used by the bankrupt, life assurance policies, some superannuation interests, rights to recover compensation for injury and any compensation recovered.

    • Where a bankruptcy trustee has a legal right to deal with both those assets owned by the bankrupt person at the commencement of bankruptcy, and those acquired by or devolved upon the bankrupt person, during the bankruptcy.
    • Where the bankruptcy trustee changes during the administration, assets remaining in the bankruptcy vest in the incoming trustee upon appointment, along with any assets acquired by or devolved upon the bankrupt during bankruptcy.
  • An aspirational description of what AFSA would like to achieve or accomplish in the future. It is intended to serve as a clear guide for choosing current and future courses of action.

  • See proxy.

  • An order from a court of competent jurisdiction that permits a sheriff to seize particular property.

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