 
|
Home | Enquiry/Feedback/Complaint |
About Us | Trustees | Creditors | Debtors | Interim Relief | Bankruptcy | Debt Agreements | Personal Insolvency Agreement | Statistics & Research | Publications & Media Releases | Employment | Index
|
A B C D E F G H I J K L M N O P Q R S T UVW XYZ Debt Agreement - an arrangement between people who cannot pay their debts. It is a formal arrangement under Part IX of the Bankruptcy Act. Debtor - a debtor is a person who owes money to a creditor Debtor's Petition- an application made to ITSA to become a bankrupt. The form to use is Form 6 Divisible Assets - assets/property which can legally be sold in bankruptcy by the trustee. Discharge - the end of bankruptcy. The date of discharge is the day after bankruptcy ends. The statutory period of bankruptcy is three years and one day from when a person files their Statement of Affairs at ITSA through the Official Receiver. Dividend - this is a distribution that is made to creditors from any asset or income realisations in an administration under the Bankruptcy Act. E Effective - a s188 authority that has been signed by both the debtor and the controlling trustee to enable a meeting of the debtor's creditors to be called to consider a Personal Insolvency Agreement. The authority does not become effective until both parties have signed. Examinable Affairs - in relation to a person means the person's dealings, transactions, property and affairs and the financial affairs of an associated entity of the person in so far as they are or appear to be, relevant to the person or to any of his or her conduct, dealings, transactions, property and affairs. Exempt Assets - assets/property which cannot be sold in bankruptcy by the trustee. These are identified in s116 of the Bankruptcy Act. Extension of Bankruptcy - If a bankrupt fails to co-operate with their trustee, or fails to meet the requirements of the Bankruptcy Act, their bankruptcy can be extended to a 5 or 8 year period from the date they file their Statement of Affairs with ITSA through the Official Receiver. In certain circumstances, the period of bankruptcy does not commence until a bankrupt returns to Australia. F Factsheets - ITSA has a number of information Fact sheets available on specific issues in insolvency. Fringe Benefit - is a benefit within the meaning of the Fringe Benefits Tax Assessment Act 1986. G Garnishee - this is an automatic deduction arranged without a person's consent from their income or bank account due to non payment of a debt. A trustee in bankruptcy can garnishee income or monies held by third parties on behalf of a bankrupt, where the bankrupt has been assessed as liable to pay a sum of money from their income in their bankruptcy and fail to make payments. H Household Property - items that a bankrupt is able to retain when they become a bankrupt. A list of items can be found in Bankruptcy Regulation 6.03. I Insolvent - a person is considered to be insolvent when they are unable to pay their debts as and when they fall due. ITSA - Insolvency and Trustee Service, Australia. It is the Commonwealth Government agency that becomes the trustee when a private bankruptcy trustee is not appointed in a bankruptcy or other arrangement under the Bankruptcy Act. IPAA - Insolvency Practitioners Association of Australia Indexable amounts - these are the same as current amountsJ K L M N NPII - National Personal Insolvency Index. It is a computerised data base of all personal insolvencies in Australia, both past and present. O Objection - the period of bankruptcy can be extended by a trustee. When this happens, the trustee lodges an Objection with the Official Receiver at ITSA. Once it is registered on the National Personal Insolvency System, it is an valid objection. A trustee can lodge an objection If a bankrupt fails to co-operate, or fails to meet the requirements of the Bankruptcy Act. In this instance, a bankruptcy can be extended to a 5 or 8 year period from the date the bankrupt files their Statement of Affairs with ITSA through the Official Receiver. In certain circumstances, the period of bankruptcy does not commence until a bankrupt returns to Australia. Official Receiver - is a person who administers statutory functions under the Bankruptcy Act for the government/ITSA. The functions performed are different to a trustee. Official Trustee in Bankruptcy - is the government equivalent of a registered trustee. This role is performed by employees at ITSA. Ordinary Resolution - a resolution passed by a majority in value of the creditors present personally, by telephone, by attorney or by proxy at a meeting of creditors and voting on the resolution. P Part IX - this is commonly known as a Debt Agreement. It is a flexible formal agreement entered into with creditors under the Bankruptcy Act. Part X - this is a formal arrangement under the Bankruptcy Act. There are three different arrangements that a debtor can enter into with creditors this way. A Deed of Assignment, a Deed of Arrangement and a Composition. Personal Insolvency Agreement (PIA) - this is a formal arrangement under the Bankruptcy Act between a debtor and their creditors for finalising their debts. PIA's came into effect on 1/12/04. PINS - Personal Insolvency National Standards - standards developed between the Insolvency and Trustee Service, Australia and the Insolvency Practitioners Association of Australia Prescribed information - this is information that MUST be read by a debtor before making an application for bankruptcy or submitting a proposal to ITSA for a debt agreement under the Bankruptcy Act. Private Bankruptcy Trustee - a person who is registered with ITSA to be a trustee of bankruptcies and Part X arrangements. A private bankruptcy trustee can also be a debt agreement administrator. Sometimes a private bankruptcy trustee is known as a registered trustee. Preference - this arises where a bankrupt pre bankruptcy has paid one or more creditors money or transferred an asset to them in priority to other creditors. A trustee can claw back this transaction once they establish 5 criteria to enable all creditors to share. Protected Monies - monies that cannot be claimed by a trustee eg personal compensation money paid or payable for an injury, certain government grants. Provable Debt - this is an amount that a creditor is entitled to claim for in a bankruptcy to participate in any distribution that may arise by way of a dividend. Public Record - the data base known as the National Personal Insolvency Index houses information that is available to the public for a fee. The paper record or file maintained by ITSA on behalf of the Official Receiver is also maintained as a public record that can be searched for a fee.Q R Registered Trustee - A person who is registered with ITSA to be a trustee of bankruptcies and Part X arrangements. Released from debt - at the date of discharge a bankrupt is released from most debts. This means the bankrupt is no longer responsible for or have to pay those debts. A debtor subject to a Part X agreement is also released from their debts when they meet certain conditions within their agreement with creditors. Resolution - a resolution passed by a majority in value of the creditors present personally, by telephone, by attorney or by proxy at a meeting of creditors and voting on the resolution. S Salary Sacrifice - for the purposes of assessing the amount a bankrupt will be required by law to contribute towards their bankruptcy, salary sacrifice arrangements with an employer are taken into account. This could be schools fees paid by an employer or additional superannuation paid instead of salary. Sequestration Order - an order made before a Registrar of the Federal Court, a Federal Magistrate or a Judge in the Federal Court making a person bankrupt based on a Creditor's Petition or other application as outlined under the Bankruptcy Act. Special Resolution - a resolution passed by a majority in number and at least three-fourths in value of the creditors present personally, by telephone, by attorney or by proxy at a meeting of creditors and voting on the resolution. T Trustee - this is a person who administers a bankruptcy or Part X administration. It is either a private bankruptcy trustee or ITSA as the Official Trustee in Bankruptcy. UVW Undervalued Transaction - is a transaction where less than market price has been paid for an asset in consideration of a transfer in ownership or the asset. A trustee has the ability to recover the asset or difference in purchase price paid. Working Day - for a first meeting of creditors to consider a Personal Insolvency Agreement it is any day other than a Saturday, Sunday or public holiday. XYZ |
| Page Last Updated: 12/09/2010 Contacts | Enquiry/Feedback/Complaint | Privacy Policy | Disclaimer & Copyright |
|
|
|
|
|
|
|