Glossary

List of glossary items

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  • A certificate pursuant to subsection 185C(2D) of the Bankruptcy Act 1966, which accompanies a debt agreement proposal filed with the Official Receiver. It includes the following:

    • consent to be the debt agreement administrator
    • confirmation that the prescribed information was given to the debtor 
    • a statement that the administrator has reasonable grounds to believe the debtor can afford and sustain the debt agreement
    • a statement that the administrator has reasonable grounds to believe that the debtor has set out all required information in their statement.
  • A form of security that ensures the repayment of a debt (or the performance of an obligation) by providing that, should the debt not be repaid, the creditor has rights to be paid, usually out of the proceeds of the sale of an asset.

  • A form sent to each creditor of a debtor who has proposed a debt agreement, variation or termination so that the creditor can complete it with details of its claim and vote as to whether they accept the proposal or reject it.

  • A method of doing business that focuses on the client.

  • Personal property that has a security interest attached to it as a result of an agreement between a grantor and a secured party. For example, property that can be taken by a lender if a loan is not repaid.

    When making a registration on the Personal Property Securities Register (PPSR), the collateral must be described by a collateral class.

  • A set of categories used on the Personal Property Securities Register (PPSR) to describe the collateral contained in a registration.

    A registration must only relate to a single collateral class. It cannot be amended once a registration is completed.

  • Commercial property is personal property that is not consumer property.

    It is personal property that is held in the course or furtherance to any degree of carrying on an enterprise to which an ABN has been allocated.

  • When AFSA, acting as the Official Trustee, administers an estate, all amounts held in respect of the estate are deposited into the Common Investment Fund.

  • An independent prosecution service established to prosecute alleged offences against Commonwealth law and deprive offenders of the proceeds of criminal activity under the control of the Director, a statutory officer appointed by the Attorney-General.

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