Glossary

List of glossary items

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    1. The property and assets of a person who has died.
    2. Part XI of the Bankruptcy Act 1966 contains provisions enabling the insolvent estate of a deceased person to be administered in a way that is similar to a Part IV bankruptcy. Part XI provides for both the administration of deceased estates for persons who are insolvent at the date of death and those deceased estates that subsequently become insolvent because of debts incurred by the legal personal representative of the deceased estate.
  • A debtor may seek temporary relief from recovery action taken by a creditor by completing Form 5 of the Bankruptcy Act 1966. Once such a declaration is accepted by the Official Receiver, it prevents unsecured creditors from enforcing their debts for a period of 21 days. During this time, debtors are able to consider their options under the Bankruptcy Act.

  • Used in bankruptcy to show how many people depend on the bankrupt person for economic support. To be classified as dependant, they must meet three conditions:

    1. live with the bankrupt person
    2. be wholly or partly dependant on the bankrupt person for economic support
    3. have an annual income less than the set amount.
  • An officer appointed to be responsible for directing and managing the affairs of the company.

  • The end of a person's period of bankruptcy—although the activities of the bankrupt estate may continue. At present, the date of discharge is the day after bankruptcy ends, which is three years and one day from when a person files their statement of affairs with the Official Receiver, unless an objection to discharge is filed by the trustee that extends the bankruptcy.

  • A person whose period of bankruptcy has ended. A discharged bankrupt still has obligations at law but is no longer bankrupt.

  • A type of trust where the distributions from the trust are made at the discretion of the trustee.

  • A distribution of funds that is made to creditors from any asset or income realisations in an administration under the Bankruptcy Act 1966.

  • Assets/property that can legally be sold in bankruptcy by the trustee.

  • For a Commonwealth entity, the Act or legislative instrument that establishes the entity.

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