Glossary

List of glossary items

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  • An eligible person nominated by a debtor to handle a debt agreement on his or her behalf. May or may not be registered.

  • A proposal put forward by an eligible debtor with unmanageable debts to enter into a debt agreement. This proposal must be on a set form and is put to creditors to vote upon. Proposing a debt agreement is an act of bankruptcy.

  • The fee payable to the Official Receiver (AFSA) when a debtor lodges a debt agreement proposal.

  • An entity that buys debts from a creditor (for less than their face value) and tries to recover the full amount.

  • A person who owes a debt.

    1. An application from a debtor to become voluntarily bankrupt.
    2. The relevant form (Form 6) for the above process.
  • Debts that a bankrupt is still liable to pay after discharge from bankruptcy, completion of a debt agreement or discharge of a personal insolvency agreement obligations.

    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.

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