Bankruptcy Act - Australia

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agreement, within the meaning of the Family Law Act 1975.

      maintenance order means:

      (a) an order relating to the maintenance of a person, including an order relating to the payment of arrears of maintenance, that is made or registered under a law of the Commonwealth or of a State or Territory of the Commonwealth; or

      (b) an assessment made under the Child Support (Assessment) Act 1989.

      modifications includes additions, omissions and substitutions.

      National Personal Insolvency Index means the Index of that name established under the regulations.

      net value, in relation to property, means:

      (a) if the property is unencumbered — the value of the property;

      (b) if the property is encumbered and the unencumbered value of the property exceeds the amount or value of the encumbrances — the amount of the excess; or

      (c) in any other case — a nil amount.

      net worth, in relation to an entity, in relation to a time, means:

      (a) if the entity is a trust and the total value of the trust property as at that time exceeds the total of the amounts of the trustee’s liabilities as at that time (other than liabilities constituted by the rights of persons as beneficiaries under the trust) — the amount of the excess;

      (b) if the entity is not a trust and the total value of the entity’s assets as at that time exceeds the total of the amounts of the entity’s liabilities as at that time — the amount of the excess; or

      (c) in any other case — a nil amount.

      oath includes affirmation and statutory declaration.

      offence against this Act includes an offence against section 137.1 or 137.2 of the Criminal Code, being an offence that relates to this Act.

      officer means an officer of the Court or of the Commonwealth.

      Official Receiver includes a person acting as an Official Receiver.

      Official Trustee means the Official Trustee in Bankruptcy.

      operations, in relation to an entity, means all of the following:

      (a) the business, trading, transactions and dealings of the entity:

      (i) whether alone or jointly with another entity or other entities; and

      (ii) whether or not as agent, bailee or trustee;

      (b) the profits, income and receipts of the entity;

      (c) the losses, outgoings and expenditure of the entity.

      parent: a person is the parent of anyone who is the person’s child.

      pecuniary penalty order means:

      (a) a pecuniary penalty order made under a proceeds of crime law; or

      (b) a literary proceeds order within the meaning of the Proceeds of Crime Act 2002; or

      (c) an unexplained wealth order within the meaning of the Proceeds of Crime Act 2002.

      personal insolvency agreement means a personal insolvency agreement executed under Part X.

      Note: Section 188A sets out requirements for personal insolvency agreements.

      personal services, in relation to a bankrupt, means services of a physical, intellectual or other kind supplied by the bankrupt himself or herself:

      (a) whether or not in a capacity as employee; and

      (b) whether or not the supply of the services by the bankrupt discharged the obligations of an entity to supply services.

      petition means a petition under this Act.

      premises includes:

      (a) any land;

      (b) any structure, building, aircraft, vehicle, vessel or place (whether built on or not); and

      (c) any part of such a structure, building, aircraft, vehicle, vessel or place.

      private company, in relation to a particular time, means a company other than a company that, as at that time:

      (a) has been admitted to the official list of a prescribed financial market (as defined by section 9 of the Corporations Act 2001); and

      (b) has not been removed from that official list.

      proceeding means proceeding under this Act.

      proceeds, in relation to enforcement process in respect of a debt, means:

      (a) the proceeds of selling property under the enforcement process;

      (b) money taken under the enforcement process;

      (c) money received as a result of attachment under the enforcement process; or

      (d) money paid to avoid the taking or sale of property under, or to avoid attachment under, the enforcement process.

      proceeds of crime law means:

      (a) the Proceeds of Crime Act 2002; or

      (b) the Proceeds of Crime Act 1987; or

      (c) a corresponding law.

      proceeds of crime order means:

      (a) a restraining order; or

      (b) a forfeiture order; or

      (c) a pecuniary penalty order.

      proclaimed law means a law specified for the time being in a Proclamation in force under section 253B.

      professional advice means financial, business or legal advice given by a person in the performance of the functions attaching to the person’s professional capacity.

      property means real or personal property of every description, whether situate in Australia or elsewhere, and includes any estate, interest or profit, whether present or future, vested or contingent, arising out of or incident to any such real or personal property.

      provable debt means a debt or liability that is, under this Act, provable in bankruptcy.

      provider, in relation to an RSA, has the same meaning as in the Retirement Savings Accounts Act 1997.

      registered trustee means a person who is registered under this Act as qualified to act as a trustee.

      Registrar means:

      (a) the Registrar, a Deputy Registrar, a District Registrar or a Deputy District Registrar of the Federal Court; or

      (b) a Registrar of the Federal Magistrates Court.

      related entity, in relation to a person, means any of the following:

      (a) a relative of the person;

      (b) a body corporate of which the person, or a relative of the person, is a director;

      (c) a body corporate that is related to the body corporate referred to in paragraph (b);

      (d) a director, or a relative of a director, of a body corporate referred to in paragraph (b) or (c);

      (e) a beneficiary under a trust of which the person, or a relative of the person, is a trustee;

      (f) a relative of such a beneficiary;

      (g) a relative of the spouse, or de facto partner, of such a beneficiary;

      (h) a trustee of a trust under which the person, or a relative of the person, is a beneficiary;

      (i) a member of a partnership of which the person, or a relative of the person, is a member;

      For the purposes of paragraph (c) of this definition, the question whether a body corporate is related to another body corporate is to be determined in

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