Bankruptcy Act - Australia

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for the purposes of the Corporations Act 2001.

      relative, in relation to a person, means:

      (a) the spouse of the person; or

      (b) a parent or remoter lineal ancestor of the person or of the person’s spouse; or

      (c) a child or remoter lineal descendant of the person or of the person’s spouse; or

      (d) a brother or sister of the person or of the person’s spouse; or

      (e) an uncle, aunt, nephew or niece of the person or of the person’s spouse; or

      (f) the spouse of a person specified in paragraph (b), (c), (d) or (e).

      For the purposes of this definition, spouse includes de facto partner.

      Note: Parent and child are defined by this subsection.

      resolution means 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.

      restraining order means a restraining order made under a proceeds of crime law.

      RSA has the same meaning as in the Retirement Savings Accounts Act 1997.

      RSA holder has the same meaning as in the Retirement Savings Accounts Act 1997.

      rural support scheme means a program or scheme that:

      (a) is administered by or on behalf of the Commonwealth, a State or a Territory; and

      (b) relates to:

      (i) agriculture or the cultivation of land; or

      (ii) the maintenance of animals for commercial purposes; or

      (iii) horticulture; or

      (iv) any other primary industry activity.

      secured creditor, in relation to a debtor, means a person holding a mortgage, charge or lien on property of the debtor as a security for a debt due to him or her from the debtor.

      sheriff includes any person charged with the execution of a writ or other process.

      special resolution means 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.

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

      (a) the property and assets of the entity:

      (i) whether held alone or jointly with another person or other persons; and

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

      (b) the liabilities of the entity:

      (i) whether actual or contingent;

      (ii) whether owed alone or jointly with another person or other persons; and

      (iii) whether or not owed as trustee.

      stay period, in relation to a declaration of intention presented by a debtor, means the period beginning on the day on which the declaration was accepted under section 54C and ending when:

      (a) the period of 21 days beginning on that day ends;

      (b) a creditor’s petition or a debtor’s petition is presented against the debtor;

      (c) the debtor signs an authority under section 188; or

      (d) a sequestration order is made against the debtor;

      whichever happens first.

      stay under a proclaimed law, in relation to a person or the estate of a deceased person, means a stay, by or under a proclaimed law, of proceedings or of execution in relation to all or any of the debts of that person or of that estate, as the case may be.

      stepchild: without limiting who is a stepchild of a person for the purposes of this Act, someone is the stepchild of a person if he or she would be the person’s stepchild except that the person is not legally married to the person’s de facto partner.

      Territory, except in the expression “Territory of the Commonwealth”, means the Australian Capital Territory or the Northern Territory of Australia.

      the commencement of the bankruptcy, in relation to a bankrupt, means the time at which his or her bankruptcy is, by virtue of section 115, to be deemed to have commenced.

      the Court means a Court having jurisdiction in bankruptcy under this Act.

      the date of the bankruptcy, in relation to a bankrupt, means the date on which a sequestration order was made against his or her estate or, if he or she became a bankrupt by virtue of the presentation of a debtor’s petition, the date on which he or she became a bankrupt by force of section 55, 56E or 57, as the case requires.

      the Family Court means the Family Court of Australia.

      the Federal Court means the Federal Court of Australia.

      the Official Receiver means any Official Receiver.

      the property of the bankrupt, in relation to a bankrupt, means:

      (a) except in subsections 58(3) and (4):

      (i) the property divisible among the bankrupt’s creditors; and

      (ii) any rights and powers in relation to that property that would have been exercisable by the bankrupt if he or she had not become a bankrupt; and

      (b) in subsections 58(3) and (4):

      (i) the property, rights and powers referred to in paragraph (a) of this definition; and

      (ii) any other property of the bankrupt.

      the trustee means:

      (a) in relation to a bankruptcy — the trustee of the estate of the bankrupt; or

      (b) in relation to a composition or scheme of arrangement under Division 6 of Part IV — the trustee of the composition or scheme of arrangement; or

      (c) in relation to a personal insolvency agreement — the trustee of the agreement; or

      (d) in relation to the estate of a deceased person in respect of which an order has been made under Part XI — the trustee of the estate; or

      (e) in relation to a trust:

      (i) if only one person is a trustee of the trust — that person; or

      (ii) if 2 or more persons are trustees of the trust — any one or more of those persons;

      in his, her or its capacity as a trustee, or in their respective capacities as trustees, as the case may be, of the trust.

      this Act includes the regulations.

      (1A) A reference in this Act to books of an associated entity of a person does not limit the generality of any other reference in this Act to books.

      (1B) A reference in this Act to an entity includes, in the case of a trust, a reference to the trustee of the trust.

      (1C) Paragraph (b) of the definition of examinable affairs in subsection (1) does not limit the generality of a reference in this Act to a person’s conduct, dealings, transactions, property or affairs.

      (2) A person is solvent if, and only if, the person is able to pay all the person’s debts, as and when they become due and payable.

      (3) A person who is not solvent is insolvent.

      (4) Unless the contrary intention appears, a reference in this Act to the trustee of the estate of a bankrupt, or to the trustee of a personal insolvency agreement, shall:

      (a) in relation to an estate or a personal insolvency agreement in respect of which there are 2 or more joint trustees — be read as a reference to all the trustees; or

      (b)

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