Glossary

List of glossary items

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  • A formal, final demand for payment of a debt by a creditor owed at least $5,000 on one or more final judgments or final orders. This notice is issued by the Official Receiver at the request of a creditor, who must have a judgment from a court of competent jurisdiction to evidence their claim that they are owed money. Failure to comply with a bankruptcy notice constitutes an act of bankruptcy.

  • An online service offered by AFSA that allows access to personal insolvency information via the National Personal Insolvency Index (NPII) for a fee.

  • 1. Is a measurable improvement resulting from an outcome, which contributes to one or more of AFSA's goals; and is perceived to be an advantage by one or more stakeholders.
    2. In a bankruptcy context, a bankrupt might derive a non-cash benefit that may be income for contributions purposes. The benefit could be from any of a number of sources, including loans, fringe benefits or moneys paid to third parties as a result of exertion by a bankrupt. These types of benefits are included when calculating the bankrupt's income in order to determine his or her income contribution liability.

  • Is a record, at a point in time, of evidence that has been collated by AFSA for referral to the Commonwealth Director of Public Prosecutions (CDPP), or to be served against a defendant in a prosecution, in relation to a suspected offence/s.

  • A set of activities that a business must perform in order to meet its business goals and objectives.

  • A service that provides value to its consumers through the enactment of a defined business process.

  • Where an individual's bankruptcy is directly related to his or her proprietary interest in a business.

  • The ability for AFSA to utilise resources effectively to achieve a predictable, productive outcome. A capability is built from the people, knowledge and skills present within AFSA, the services they provide and consume, the systems utilised in providing and consuming those services, and the data that underpins these systems and human knowledge. AFSA’s core capabilities are contained in the following key areas; financial and legal, process and administration, data analytics and technology.

  • A certificate issued by the Official Receiver confirming the appointment of a trustee (or trustees) to an insolvency administration.

  • 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.

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