YOUR REQUEST FOR PERSONAL INSOLVENCY FORMS/INFORMATION
Please find enclosed the forms / information requested.
NOTE: When returning forms to AFSA electronically, please ensure the total size of your
email including attachments does not exceed 6MB. You may need to scan your
documents at a lower resolution to minimise the size of your attachments.
Privacy statement: If you choose to enter into a personal insolvency arrangement, you
will need to complete forms that require the provision of “personal information” (as
defined in the Privacy Act 1988). This information is collected under, and for the
purposes of, the Bankruptcy Act 1966 or related legislation.
Some information may be included on a public record, the National Personal Insolvency
Index and/or may be available for public inspection. Information may be disclosed for
law enforcement purposes and, in some circumstances, to overseas recipients.
AFSA’s privacy policy provides further information regarding the collection, storage, use
and disclosure of personal information, including how you may: (i) access your personal
information; (ii) seek to have that information corrected; and (iii) complain if you feel your
privacy has been breached, along with information on how your complaint will be dealt
with. The privacy policy can be accessed at www.afsa.gov.au/privacy or you can
request a copy from AFSA.
National Service Centre
Phone: 1300 364 785
Post:
GPO Box 1550, Adelaide SA 5001
Email: [email protected]
CL(FX)112015
ervices
Bankruptcy
Essential forms and information
?jcZ2014
If you decide to apply for bankruptcy you will need to do the following:
1. Complete a debtor’s petition form, ensuring you have fully completed all relevant sections#
2. Complete a statement of affairs form, ensuring you have fully completed all relevant sections.
3. Ensure you have read, understood and signed the prescribed information, located ^ci]ZYZWidgheZi^i^dc[dgb#
Send your completed application within 28 days of signing to:
Email: [email protected]
Post: GPO Box 1550, ADELAIDE SA 5001
Note: If you have arranged for a registered trustee to administer your estate you must ask your trustee to complete a
‘consent to act as trustee’ form and lodge it along with your debtor’s petition and statement of affairs. If a completed
‘consent to act as trustee’ form is not lodged with your application, the Official Trustee (AFSA) will act as your trustee or
arrange with your creditors to appoint a registered trustee.
DO NOT USE THIS SET OF FORMS IF YOU HAVE ALREADY BEEN MADE BANKRUPT UNDER A SEQUESTRATION
ORDER
Getting help
The consequences of bankruptcy are serious and cannot be cancelled if you change your mind.
Financial counsellors help people in financial difficulty, and are available in every State and Territory. Their services are
free, independent and confidential. You can talk to a financial counsellor from anywhere in Australia by phoning
1800 007 007 (minimum opening hours are 9.30 am – 4.30 pm Monday to Friday). This number will automatically direct your
call through to a financial counselling service in the State or Territory closest to you.
IS(Bankruptcy Essential)0+2014
Supporting better outcomes for consumers, business and the community.
Page 1 of 1
www.afsa.gov.au
Insolvency
Services
Debtor’s petition
instructions and form
?jcZ 2014
Instructions on how to complete the debtor’s petition form
1. Use blue or black pen.
2. Complete all relevant sections of the form.
3. Please provide proof of identity – the Official Receiver will not accept your petition for bankruptcy unless you
provide sufficient information to enable us to confirm your identity. Details from two (2) types of identification
outlined in the table below are required. The identification must be current (forms of identification that have
expired are not acceptable).
In the form, you must list in column A the type of identification you are relying on eg driver’s licence, passport etc. In
column B, write your name as it appears on the form of identification provided, and in column C the licence, membership,
customer or document number associated with the form of identification eg the passport or driver’s licence number.
Acceptable forms of identification
Australian driver licence
Current state or territory issued driver licence, learner permit or provisional licence
showing your name, signature and/or photo
Medicare card
Current Medicare card showing your name
Australian birth certificate
Australian birth certificate, birth certificate extract or birth card in your name/former name
Australian passport
Current Australian passport in your name/former name. Expired passports are not
acceptable
Citizenship certificate
Australian citizenship certificate in your name/former name
Defence force identity card
Issued by the Australian Defence Force, showing the same name as in your petition and
photo or signature
Passport issued outside
Australia
Current passport issued by a country other than Australia, with a valid entry stamp or visa
Student identification card
Current student ID card issued in your name with signature and/or photo (school, TAFE,
university, registered training organisation)
Proof of age card
Current proof of age photo identity card issued by a government agency in your name with
photo and/or signature.
Please note: while identification information is required for acceptance of your petition, you are NOT required to attach
copies of the acceptable forms of identification with your petition.
Knowingly providing false and/or misleading information is an offence under the Bankruptcy Act and penalties apply upon
conviction. Your period of bankruptcy can be extended in certain circumstances.
IS(DebtorsPetition)0+14
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Page 1 of 2
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Information and assistance
If you do not understand a particular question or require further information about bankruptcy or other alternatives,
please contact AFSA on 1300 364 785. AFSA cannot give you advice on whether bankruptcy is suitable for your individual
circumstances.
If you do not speak English, the Translating and Interpreting Service is available for the cost of a local call from anywhere in
Australia by phoning 131 450.
How your information is used
The information you provide on these forms is collected under, and for the purposes of, the Bankruptcy Act.
1. A copy of these forms will be provided to the trustee of your estate, who will use the information in them to
administer your estate.
2. The information you provide (except Part A of the statement of affairs) is available for public inspection.
3. The information may be used for the purpose of investigating offences committed under the Bankruptcy Act or
other legislation.
4. Some of the information will be recorded on the National Personal Insolvency Index (NPII) which is a public
record. It records personal information including the type of administration, your name (including previous names
and aliases), your address, date of birth and occupation. Credit rating organisations have access to the NPII,
therefore presenting a debtor’s petition is likely to affect your ability to obtain credit. The Inspector-General is also
permitted to enter into arrangements to provide NPII information to other third parties.
Can my application for bankruptcy be rejected?
Yes it can, if:
1. you have not provided appropriate proof of identity details; or
2. the Official Receiver believes that you can pay all your debts within a reasonable time AND either:
• you have previously been bankrupt three (3) or more times, or once in the last five (5) years, or
• you are unwilling to pay one or more creditor, or creditors in general
If you are dissatisfied with the Official Receiver’s decision not to accept your debtor’s petition you may appeal the decision
to the Administrative Appeals Tribunal (AAT).
Applications by physically incapacitated persons and/or persons unable to read
If an applicant is unable to read, is insufficiently familiar with the English language or is unable to sign/complete the form
due to a physical incapacity, another person may complete the form if:
1. where the applicant is blind, partially sighted, illiterate or partially literate – the person has read the forms and the
prescribed information to the applicant
2. where the applicant is insufficiently familiar with the English language – the person has interpreted the relevant
information to the applicant in a language with which the applicant and this other person are both familiar
3. where the applicant is unable to sign due to a physical incapacity – the person believes that the applicant has read
and understood the forms and prescribed information.
The person assisting must state the reason/s why the applicant required assistance and must sign in the panel provided on
the debtors petition form and the panel provided at the end of the statement of affairs form.
Applications by mentally incapacitated persons
Where a guardian or administrator is appointed under relevant state/territory legislation to manage the financial affairs
of mentally incapacitated persons, the appointed guardian or administrator must obtain a specific order from the relevant
court/tribunal authorising the application on behalf of the mentally incapacitated applicant.
A specific order from the relevant court/tribunal is not required for presentation of the application by a guardian/
administrator for appointments under the Protected Estates Act 1983 (NSW) and the Guardianship and Administration Act
1990 (WA) as the legislation itself provides sufficient authority to the guardian/administrator of the applicant.
Note: An application may not be presented on behalf of a mentally incapacitated debtor by the holder of a power of
attorney granted by that debtor.
Page 2 of 2
Supporting better outcomes for consumers, business and the community.
www.afsa.gov.au
DEBTOR’S PETITION
(APPLICATION TO BECOME BANKRUPT)
Bankruptcy Act 1966 Section 55(2)
Privacy
The information you are required to provide on this form is collected under, and for the purposes of, the
Bankruptcy Act 1966 or related legislation. The Australian Financial Security Authority has a privacy policy at
www.afsa.gov.au/privacy that provides information regarding the collection, storage, use and disclosure of
personal information, including how you may: (i) access your personal information; (ii) seek to have that
information corrected; and (iii) complain if you feel your privacy has been breached, along with information on
how your complaint will be dealt with.
Contact Details
Title
Given name/s (include all names)
Surname
Other names used by you in the past 10 years
Title
Given name/s (include all names)
Surname
Title
Given name/s (include all names)
Surname
Contact number (include area code)
Work number (include area code)
Mobile number
Email address
Address
Postcode
Current occupation
Date of birth (DD/MM/YYYY)
To be eligible to present this petition you must have a relevant Australian connection. Select the statement that
describes your connection to Australia.
I am personally present in Australia or ordinarily resident in Australia
I have a dwellinghouse or place of business in Australia
,RUP\¿UPSDUWQHUVKLSLVFDUU\LQJRQEXVLQHVVLQ$XVWUDOLD
6(DP)(P
www.afsa.gov.au - 1300 364 785
page 1 of I am presenting this debtor’s petition to become bankrupt (select one of the following):
as an individual debtor
against a business partnership of which I am a partner (petitions from either all or a majority of the partners need
to be submitted together with your petition)
jointly with another person and we are not in a business partnership (petition from the other person needs to be
submitted together with your petition)
Proof of Identity
Note: your petition will not be accepted if you do not provide appropriate proof of identity details below. While
LGHQWL¿FDWLRQLQIRUPDWLRQLVUHTXLUHGIRUDFFHSWDQFHRI\RXUSHWLWLRQ\RXDUH127UHTXLUHGWRDWWDFKFRSLHVRIWKH
DFFHSWDEOHIRUPVRILGHQWL¿FDWLRQZLWK\RXUSHWLWLRQ
$7\SHRILGHQWL¿FDWLRQ
%1DPHRQGRFXPHQWOLFHQFH
C. Document/licence number
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page 1, please explain why.
Declaration of Person Zho Assisted Zith the Completion of Forms
I declare that, before this form was completed, I carefully read to/interpreted for the person named in the Contact
Details section the prescribed information and the questions on this form or [where the person is physically
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provided in this form are those of the person named above.
Reason the debtor required your assistance
Full name and address of the assisting person
Signature of the assisting person
6(DP)(P)
Date (DD/MM/YYYY)
www.afsa.gov.au - 1300 364 785
page 2 of DEBTOR
S PETITION PRESCRIBED INFORMATION
You must read the following information before signing the declaration.
Your Options to Deal Zith Unmanageable Debt
Talk to your creditors: some creditors could give you more time to pay, agree to renegotiate repayments or accept a smaller payment
to settle the debt. Some creditors have hardship provisions which you can use to vary the terms of your contract. You should call your
creditors and ask about their hardship provisions.
Lodge a declaration of intention to present a debtor’s petition: this stops your creditors, the bailiff or sheriff taking action to recover
unsecured debts for a period of 21 days. You could use that time to speak to your creditors, consider other options or seek advice.
Propose and enter a debt agreement (DA): a debt agreement is a legally binding arrangement between you and your creditors which
must be accepted by the majority of your creditors. The agreement is administered by a debt agreement administrator who will charge
a fee. Your debts, assets and income must be under certain limits* to propose a DA. You can offer to pay your creditors by instalments
or in a lump sum which may be less than the full amount of your debts. You will be released from debts covered by the agreement once
\RXKDYHFRPSOHWHGDOOREOLJDWLRQVDQGSD\PHQWVLQ\RXUDJUHHPHQW<RXUQDPHZLOOEHRQWKHSXEOLFUHJLVWHU13,,DQGRQD
commercial credit record for 5 years, or longer in some circumstances. See the paragraph ‘Your ability to obtain credit and certain
services may be affected’ at the bottom of this page for additional information and obligations.
Propose and enter a personal insolvency agreement (PIA): a PIA is also a legally binding arrangement between you and your
creditors which must be accepted by a majority of your creditors. The PIA must be administered by a trustee who will charge a fee. There
are no debt, asset or income limits. You can offer to pay your creditors by instalments or in a lump sum which may be less than the full
amount of your debts. You will be released from debts covered by the agreement once you have completed all obligations and payments
LQ\RXUDJUHHPHQW<RXUQDPHZLOOEHRQWKHSXEOLFUHJLVWHU13,,IRUHYHUDQGRQDFRPPHUFLDOFUHGLWUHFRUGIRU\HDUVRUORQJHUin
some circumstances.
Sources of further information: \RXFDQDVNIRUKHOSIURPD¿QDQFLDOFRXQVHOOLQJVHUYLFHUHJLVWHUHGWUXVWHHUHJLVWHUHGGHEWDJUHHPHQW
administrator, lawyer or an accountant. They will talk to you about your options and may speak to creditors on your behalf.
<RXFDQJHWPRUHLQIRUPDWLRQDERXWWKHDERYHRSWLRQVRUVRXUFHVRI¿QDQFLDOJXLGDQFHE\FRQWDFWLQJ$)6$RQRUE\
visiting www.afsa.gov.au.
Consequences of Proceeding Zith a Petition Ior Bankruptcy
A trustee will administer your bankruptcy: you may ask a registered trustee to administer your bankruptcy. If you do not choose a
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creditors can change your trustee. You must assist your trustee at all times. You must immediately notify your trustee in writing of any
FKDQJHLQ\RXUSHUVRQDOFLUFXPVWDQFHVLQFOXGLQJQDPHDGGUHVVRULQFRPH<RXUWUXVWHHFDQH[WHQGWKH\HDUSHULRGRIEDQNUXSWF\WR
RU\HDUVXQGHUFHUWDLQFLUFXPVWDQFHV8VXDOO\DWUXVWHHZLOOWDNHDIHHIRUDGPLQLVWHULQJ\RXUEDQNUXSWF\RXWRIWKHDVVHWVRULQFRPH
they recover.
Your assets may be sold: you will be able to keep ordinary household goods, tools (up to a certain value)* used to earn an income and
vehicles (up to a certain value)* but other assets - including your house - can be sold by your trustee. You cannot conceal, remove or
dispose of any property inside or outside Australia. If you do, you may be subject to criminal prosecution.
Your income, employment and business may be affected: if your income exceeds a set limit*, you may be required to make
contributions from your income. You cannot be a director of and/or manage a company. Some professional/licensing bodies may restrict
or prevent you from continuing in that trade or profession. You may not be able to hold certain public positions. If you are in business and
trade under a business name different to your own, you must tell everyone you deal with that you are bankrupt. If you don’t, you may be
subject to criminal prosecution.
You may not be released from all debts: you are released from most of your unsecured debts (eg credit cards, personal loans, store
cards) once you are discharged from bankruptcy. Some types of debts are not covered by bankruptcy (eg debts incurred by fraud,
SHQDOWLHV¿QHVDQGFKLOGVXSSRUWGHEWVDQG\RXKDYHWRFRQWLQXHSD\LQJWKRVHGHEWV,IDGHEWLVVHFXUHGDJDLQVWDQDVVHWHJPRUWJDJH
on a house or a car) and you do not maintain repayments, that creditor can repossess and sell the asset; however the shortfall, if any,
will be covered by bankruptcy.
Your ability to travel overseas will be affected: you will not be able to travel overseas without the written permission of your trustee
DQG\RXPD\EHDVNHGWRVXUUHQGHU\RXUSDVVSRUWWR\RXUWUXVWHH,I\RXUEDQNUXSWF\LVDGPLQLVWHUHGE\WKH2I¿FLDO7UXVWHH\RXZLOOEH
required to pay an overseas travel application fee.
Your name will be on the public register (NPII) forever: it will also be recorded on a commercial credit record for 5 years, or
longer in some circumstances.
Your ability to obtain credit and certain services may be affected: \RXPD\¿QGLWKDUGWRERUURZPRQH\DQGEX\WKLQJVRQFUHGLW
<RXPD\¿QGLWKDUGWRUHQWDQGJHWHOHFWULFLW\ZDWHURUDWHOHSKRQHFRQQHFWHGZLWKRXWSD\LQJDERQG6RPHEDQNVPD\QRWOHW\RX
RSHUDWHDQDFFRXQWRUPD\UHVWULFWKRZ\RXFDQXVH\RXUDFFRXQW,I\RXREWDLQFUHGLWRIRUPRUHWKHQ\RXPXVWWHOOWKHFUHGLW
provider that you are bankrupt. If you enter into a hire purchase agreement or a contract for the hiring or leasing of any goods whereby
WKHDPRXQWLVRUWRWDOVRUPRUHWKHQ\RXPXVWWHOOWKHVHOOHURUWKHSURSHUW\RZQHUWKDW\RXDUHEDQNUXSW,I\RXREWDLQJRRGVDQG
VHUYLFHVE\JLYLQJDELOORIH[FKDQJHFKHTXHRUSURPLVVRU\QRWHZKHUHE\WKHDPRXQWLVRUWRWDOVRUPRUHWKHQ\RXPXVWWHOOWKH
VXSSOLHURIWKHJRRGVRUVHUYLFHVWKDW\RXDUHEDQNUXSW,I\RXREWDLQJRRGVDQGVHUYLFHVE\SURPLVLQJWRSD\DQDPRXQWRIRU
PRUHWKHQ\RXPXVWWHOOWKHVXSSOLHURIWKHJRRGVRUVHUYLFHVWKDW\RXDUHEDQNUXSW,I\RXREWDLQPRQH\RUSD\PHQWRIRUPRUH
by promising to supply goods or render services, you must tell the purchaser that you are bankrupt. If you don’t disclose your bankruptcy
in these circumstances, you may be liable to criminal prosecution.
7KLVLVDQLQGH[DEOHDPRXQWDQGWKHUHIRUHLQFUHDVHVSHULRGLFDOO\VHHV$RIWKH%DQNUXSWF\$FW)RUWKHFXUUHQWOLPLWVDQGPRQHWDU\
DPRXQWVVHH,QGH[HG$PRXQWVDWZZZDIVDJRYDXRUFDOO$)6$RQIRUDFRS\
I Acknowledge What I Kave Received and Read the Prescribed Information
Your signature
6(DP)(P)
Date (DD/MM/YYYY)
www.afsa.gov.au - 1300 364 785
page of STATEMENT OF AFFAIRS
Bankruptcy Act 1966
Form approved 1/12/10
Privacy
The information you are required to provide on this form is collected under, and for the purposes of, the
Bankruptcy Act 1966 or related legislation. The Australian Financial Security Authority has a privacy policy
at www.afsa.gov.au/privacy that provides information regarding the collection, storage, use and disclosure
of personal information, including how you may: (i) access your personal information; (ii) seek to have that
information corrected; and (iii) complain if you feel your privacy has been breached, along with information
on how your complaint will be dealt with.
Your Name
Print name in full
Title
Given name/s
Surname
If you do not speak, read or write English, the Interpreting Service is available for the cost of a local call on 131 450.
Contents of the Statement of Affairs
Page
PART A – PERSONAL DETAILS - CONFIDENTIAL
3
PART B – PERSONAL DETAILS - PUBLIC
11
PART C – YOUR ASSETS - PUBLIC
12
PART D – YOUR LIABILITIES - PUBLIC
17
PART E – BUSINESS DETAILS - PUBLIC
19
DECLARATION
24
CHECKLIST FOR STATEMENT OF AFFAIRS
25
Of¿ce 8se OnOy
'DWH¿OHG
3(SOA)(P)032014
Event number
www.afsa.gov.au - 1300 364 785
Administration number
page 1 of 25
25
ADDITIONAL NOTES
3(SOA)(P)032014
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page 2 of 25
PART A – PERSONAL DETAILS - CONFIDENTIAL
PART A – PERSONAL DETAILS - CONFIDENTIAL
1 Your PersonaO 'etaiOs
Home telephone number
Work telephone number
Mobile number
Fax number
Email address
No
Do you prefer to receive correspondence by email where possible?
Yes
Name and address of a contact person who does not live with you
Title
Given name/s
Surname
Address
Postcode
Telephone number
Do you have any passports?
Relationship
No
If yes, how many?
Yes
please give details
Passport number 1
Expiry date
Country of issue
Passport number 2
Expiry date
Country of issue
Do you have a current driver’s licence?
No
Licence number
please give details
Yes
Expiry date
State of issue in Australia
Are you of Aboriginal or Torres Strait Islander origin? (optional)
Were you born overseas? (optional)
No
Yes
No
Other
Yes
please give details
What languages do you speak at home? (optional)
Which country? (optional)
2 Accountant
Do you have an accountant?
Firm name
No
Yes
please give details
Contact person
Address
3(SOA)(P)032014
Phone number
Postcode
www.afsa.gov.au - 1300 364 785
page 3 of 25
PART A – PERSONAL DETAILS - CONFIDENTIAL
3 SoOicitor
Do you have a solicitor?
No
please give details
Yes
Firm name
Contact person
Phone number
Address
Postcode
4 AEout your famiOy
Do you have a spouse/partner?
No
please give details
Yes
Your spouse/partner’s full name
Do you live with your spouse/partner?
No
Yes
What is your spouse/partner’s separate gross income ($)
Do you have any dependants residing with you?
(eg spouse, children, parents, invalid relative)
Full name
per year, OR
No
per week
Yes please give details
Relationship
Date of birth
Separate income ($)
5 ChiOG SuSSort
In the next 12 months, do you expect to pay or receive any
¿QDQFLDOVXSSRUWXQGHUWKH&KLOG6XSSRUW$VVHVVPHQW$FW
or the Family Law Act 1975?
No
Paid to/received from
Yes
Please give details and provide a
copy of the assessment or order
Amount ($)
Frequency
I pay child support/maintenance
I receive child support/maintenance
3(SOA)(P)032014
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page 4 of 25
PART A – PERSONAL DETAILS - CONFIDENTIAL
6 FamiOy /aw FinanciaO ProceeGings
Have you been a party to a family law property
or spousal maintenance order or agreement?
No
Please provide a copy of the agreement or
order
Yes
Date of the order
Are you currently involved in any family law
property or spousal maintenance proceedings?
No
Yes
Are you likely to become involved in any
such proceedings?
No
Yes
Please provide a copy of the application. Do
not include proceedings for custody of children
7 /egaO Actions
Are you involved in any legal processes or disputes?
Plaintiff
No
Yes
Defendant
Provide a copy of the summons, writ or
other legal documents and letters
Court
Plaint no.
8 ProceeGs of Crime OrGers
Are you or your property subject to a proceeds of crime
order or an application for a proceeds of crime order?
No
Yes
Provide a copy of the order
Summary of your Income in the Oast 12 months
Provide details of your income (before tax) over the past 12 months.
Type of income
Details
$
*RYHUQPHQWEHQH¿WVSHQVLRQV
Payment type:
Income from self employment
Business name:
Income from business
Business name:
Gross wages & salary before tax
Employer name:
Superannuation retirement funds
Fund name:
Lump sum termination payments
Received from:
Deceased estate or trusts
Received from:
Income from investments
(eg dividends, interest, trusts)
Received from:
Income from reverse mortgages
Received from:
Any other source
Received from:
Total
You must provide evidence of your income (eg payslips, tax returns, statements)
3(SOA)(P)032014
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page 5 of 25
PART A – PERSONAL DETAILS - CONFIDENTIAL
10 Summary of your E[SecteG Income in the ne[t 12 months
Provide details of your income (before tax) that you expect to receive in the next 12 months.
If you are not sure, please estimate.
Type of income
Details
$
*RYHUQPHQWEHQH¿WVSHQVLRQV
Payment type:
Income from self employment
Business name:
Income from business
Business name:
Gross wages & salary before tax
Employer name:
Superannuation retirement funds
Fund name:
Lump sum termination payments
Received from:
Deceased estate or trusts
Received from:
Income from investments
(eg dividends, interest, trusts)
Received from:
Income from reverse mortgages
Received from:
Any other source
Received from:
Total
You must provide evidence of your income to your trustee (eg payslips, tax returns, statements) on the anniversary
of your bankruptcy and when your income changes
11 EmSOoyment Status
Are you currently employed?
How long have you been unemployed?
No
Yes
Go to Q12
Years
What was your occupation when you
were last employed?
3(SOA)(P)032014
Months
Go to Q15
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page 6 of 25
PART A – PERSONAL DETAILS - CONFIDENTIAL
12 Current EmSOoyment
Employer details
Job 1
Job 2
Name
Address
Employed as
Type of industry
Pay period (week/fortnight/month)
How many hours do you work per
week?
Is your employer a related entity?
No
Yes
No
Yes
If you are unsure whether your employer is related, please refer to the instructions in the front of this booklet before
answering this question.
Employment Income
Job 1 ($)
Job 2 ($)
Income
Gross pay per pay period
(before tax)
(A)
'eGuctions
Income tax
Garnishees by creditors
Superannuation
Maintenance/child support
Other
Total Deductions
(B)
What is your net pay? ($)
(A)–(B)
Provide your payslip
13 Private +eaOth Insurance
Do you have private patient hospital cover?
No
Yes
14 SaOary Sacri¿ce
Is your salary now or at any time in the last 2 years subject to a
VDODU\VDFUL¿FHDUUDQJHPHQW"WKDWLV\RXKDYHJLYHQXSFDVK
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3(SOA)(P)032014
www.afsa.gov.au - 1300 364 785
No
Yes
please give details
page 7 of 25
PART A – PERSONAL DETAILS - CONFIDENTIAL
15 SuSerannuation %ene¿ts
Does any party make a superannuation contribution for you?
Name and address of the
person making the payment
No
Where is it paid to?
Yes
please give details
How much is paid? ($ per week)
16 Other %ene¿ts
Do you, or any member of your family, receive or expect to receive
DQ\EHQH¿WIURPDQ\RWKHUSHUVRQRUHQWLW\"LQFOXGHUHQWORZ
interest loans, payment of your expenses or children’s education)
7\SHRIEHQH¿W
No
1
Yes
please give details
Yes
please give details
2
1DPHRISHUVRQJLYLQJEHQH¿W
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9DOXHRIEHQH¿WSHU\HDU
Your contribution per year ($)
17 Motor 9ehicOe %ene¿ts
Do you use a vehicle which is owned by someone else?
No
Owner’s name and address
Relationship (eg employer/spouse)
When did the owner purchase the vehicle?
Make of vehicle
Model of vehicle
Year of manufacture
How much do you contribute for the
use of the vehicle? ($)
How many days per week
do you have the vehicle?
How many kilometres do you travel per
week?
3(SOA)(P)032014
www.afsa.gov.au - 1300 364 785
page 8 of 25
PART A – PERSONAL DETAILS - CONFIDENTIAL
18 AEout Your InsoOvency
What do you believe is the main cause of your insolvency?
TicN one cause onOyLQHLWKHU$RU%WKDWEHVWGHVFULEHVWKHPDLQFDXVHRI\RXU¿QDQFLDOGLI¿FXOWLHV
18A
Non business related
Unemployment or loss of income
Adverse legal action
Liabilities due to guarantees
Gambling, speculation & extravagance in living
Ill health or absence of health insurance
Domestic discord or relationship breakdowns
Excessive use of credit facilities including losses on repossessions, high interest payments and
pressure selling
18B
Business related (only applies if you have personally operated a business)
Economic conditions affecting industry, including competition, credit restrictions, fall in prices or
increases in costs
Lack of business ability including underquoting or failure to assess potential of business
Excessive interest payments on loan monies and capital losses on repayments
Excessive drawings including failure to provide for taxation
Inability to collect debts due to disputes, faulty work or bad debts
Failure to keep proper books of account and costing records
/DFNRIVXI¿FLHQWLQLWLDOZRUNLQJFDSLWDO
Gambling or speculation
6HDVRQDOFRQGLWLRQVLQFOXGLQJÀRRGVDQGGURXJKW
If other reason not listed, please specify:
18C
:KHQGLG\RX¿UVWKDYHGLI¿FXOW\SD\LQJ\RXUGHEWV"PRQWK\HDU
18D
Where did you obtain information about bankruptcy and the alternatives? (tick one only)
18E
AFSA
Financial Counsellor
Accountant
AFSA pamphlets
Registered Trustee
Solicitor
AFSA website
Debt agreement consultant/
administrator
Other
Have you previously presented a declaration of intention to present
a debtor’s petition, proposed or entered into a debt agreement or a
personal insolvency agreement or become bankrupt?
Type of proceeding
No
Administration number
Yes please give details
Year
Bankruptcy
Part IX debt agreement
Part X personal insolvency agreement
Declaration of Intention to present a debtor’s petition
3(SOA)(P)032014
www.afsa.gov.au - 1300 364 785
page 9 of 25
PART A – PERSONAL DETAILS - CONFIDENTIAL
BLANK PAGE
3(SOA)(P)032014
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page 10 of 25
PART B – PERSONAL DETAILS - PUBLIC
Any information provided from this point on is available to the public
PART B – PERSONAL DETAILS - PUBLIC
19 About You
Gender
Male
Title
Mr
Date of birth
Female
Mrs
Ms
Family name
Miss
Other
Given names
List all other names you have used in the last 10 years
Residential address
Postcode
Do you own or are you buying this property?
No
Yes
If no to the question above, are you renting this property?
No
Yes
please give details at Q28
PRVWDODGGUHVV
Postcode
Previous twoUHVLGHQWLDO addressesAddress 1
Postcode
Did you own or were you buying this property?
No
Yes
Date sold
Postcode
Address 2
Did you own or were you buying this property?
No
Yes
Date sold
20 OccuSation
What is your usual trade or profession?
21 %usiness
In the past 5 years have you operated a business as a
sole trader, via a partnership, via a company or a trust?
3(SOA)(P)032014
www.afsa.gov.au - 1300 364 785
No
Yes
Provide details in Part E
page 11 of 25
PART C – YOUR ASSETS - PUBLIC
PART C – YOUR ASSETS - PUBLIC
22 Cash
How much cash do you have? (include cash at bank at Q23)
$
23 %anNs %uiOGing Societies CreGit 8nions Other FinanciaO Institutions
List all accounts held (include joint and overdrawn accounts) with any of the above types of institutions within the
last 12 months. (Note: presently overdrawn accounts should also be included as creditors at Q40)
Full name of bank/other
¿QDQFLDOLQVWLWXWLRQ
Branch name
Account number and
account type
Current balance ($) Joint account
No
Yes
No
Yes
No
Yes
No
Yes
24 Ta[ RefunG
Do you expect to receive a tax refund?
Year ended
No
Yes
please give details
Amount expected ($)
30 June
30 June
25 TooOs of TraGe
Do you have tools of trade?
No
Yes
please give details
What is their estimated resale value? ($)
26 SuSerannuation anG /ife Insurance PoOicies
List all superannuation funds and life insurance policies
Name of fund
Is this a regulated fund? Balance of fund ($)
No
Yes
Super
Life
No
Yes
Super
Life
No
Yes
Super
Life
Have you received a superannuation payout from any fund in the last
5 years?
Date received
No
Yes
please give details
Amount received ($)
Have you made a lump sum payment to any superannuation fund in
the last 5 years?
Date paid
No
Yes
please give details
Amount paid ($)
Do you expect to receive payment from any superannuation fund in
the next 3 years?
3(SOA)(P)032014
Type of fund
www.afsa.gov.au - 1300 364 785
No
Yes
page 12 of 25
PART C – YOUR ASSETS - PUBLIC
27 9ehicOes
Do you own, or have an interest in any vehicles?
(this includes cars, motor bikes, trailers, caravans, campervans, boats)
No
Type of vehicle Make
(eg car, boat)
Estimated resale Amount owed
value ($)
(if any) ($)
Model
Year
Registration
number
Yes
please give details
Please copy this page if you own more than one property.
28 ReaO Estate
Do you own, or are you buying, any land or buildings in Australia or overseas?
(This includes any interest in vacant land, house, unit, commercial property)
Is there a building on the land?
No
Yes
Yes - please give details
please give details
Age of building in
years
Type eg house/unit
No - Go to Q 29
Number of
bedrooms
Number of
bathrooms
What is the property address?
Date the property was acquired or purchased
Amount paid to acquire or purchase the property ($)
What is the estimated resale value of the property?
($)
How much do you owe to creditors who hold security over
this property? ($)
Are there any other owners?
No
Yes
please give details
Owner 1
Owner 2
Name
Address
Is the property vacant?
No
Yes
Do you live at the property?
No
Yes
Does your partner live at the property?
No
Yes
Is the property rented to tenants?
No
Yes
Gross rent per week ($)
please give details
Name of person collecting rent
Address
3(SOA)(P)032014
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page 13 of 25
PART C – YOUR ASSETS - PUBLIC
Is the property listed for sale?
No
Yes
please give details
No
Yes
Expiry date
Agent’s name
Address
Is the property insured?
29 Shares
Do you own, or are you entitled to any shares, options, rights, convertible
notes or other securities?
Name and address of company
Number of
shares
No
Yes
Shareholder number Date acquired
please give details
Market value
($)
See note
below
Note: Do any of the above shares have any restrictions on their sale? (Eg certain types of employee shares cannot
EHVROGIRUDVSHFL¿HGSHULRG,IWKHUHDUHDQ\VDOHUHVWULFWLRQVSOHDVHZULWHµ5¶LQWKHODVWFROXPQDERYH
30 Investments
Do you have any managed investments, insurance bonds, debentures or
other investments?
Investment type
No
Date acquired
Yes
please give details
Market value ($)
31 Money OweG to You
Do you have any debts owed to you? (include loans to friends and
relatives and to family trusts or private companies; do not include child
support arrears)
Name and address of person or
organisation who owes you money
3(SOA)(P)032014
Date debt was created
No
Amount owed ($)
www.afsa.gov.au - 1300 364 785
Yes
please give details
Amount likely to be
received ($)
page 14 of 25
PART C – YOUR ASSETS - PUBLIC
32 'eceaseG Estate
Do you have an interest in a deceased estate? Provide a copy of the will or
letters from the executor
Name of deceased
Date of death
No
Executor name and address
Yes
please give details
Estimated value of
EHQH¿W
33 SaOe Transfer or *ift of Assets in the Oast 5 years
Have you sold, transferred or given away any assets worth more than $1000
in the last 5 years? Provide a copy of the receipt or settlement statement
What did you sell,
transfer or give away?
To whom was it sold,
transferred or gifted?
Date transferred
What was it
worth?
No
Yes
please give details
How much
was it sold
for? ($)
How much did
you receive
net? ($)
34 Assets you own which are in someboGy eOse¶s Sossession
Do you own any assets which are not currently in your possession?
Description of asset
No
Who has the asset? Name and address
Yes
please give details
What is it worth? ($)
35 Assets you contributeG towarGs or heOSeG Surchase
Have you contributed or otherwise assisted in the purchase or improvement
of any asset valued over $1000 which is held by someone else?
Description of asset
3(SOA)(P)032014
No
Name and address of person who has the asset
www.afsa.gov.au - 1300 364 785
Yes
please give details
What is it worth? ($)
page 15 of 25
PART C – YOUR ASSETS - PUBLIC
36 AssetsMoney PaiG to CreGitors
As a result of pressure for payment from creditors have you, in the last
12 months, paid a total amount of more than $1000 over and above your
normal repayments or surrendered any assets to a creditor?
No
Date paid/surrendered
Name of creditor
Type of asset (eg cash/house)
Value of asset ($)
Yes
please give details
37 Other Items of 9aOue
Other than your general household furniture, do you own any other assets
or items of value? (eg jewellery, camera, artworks, antiques, copyrights)
Description of asset
Location of asset
No
Yes
Estimated
resale value ($)
please give details
Jointly owned
No
Yes
No
Yes
No
Yes
No
Yes
No
Yes
No
Yes
No
Yes
No
Yes
Please attach a list if you have more assets
3(SOA)(P)032014
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page 16 of 25
PART D – YOUR LIABILITIES - PUBLIC
PART D – YOUR LIABILITIES - PUBLIC
38 SecureG CreGitors
List your secured creditors. (Creditors who are not secured should be listed at Q40)
A secured creditor is a creditor who can repossess and sell your asset/s if you fall behind with your payments. For
example, a mortgage over your house, a hire purchase/lease agreement over your vehicle, a chattel mortgage or a
bill of sale over your business assets.
Secured creditor no. 1
Secured creditor no. 2
Secured creditor no. 3
No
Yes
No
Yes
No
Yes
Are repayments up to
date?
No
Yes
No
Yes
No
Yes
Has the creditor
repossessed the asset?
No
Yes
No
Yes
No
Yes
No
Yes
No
Yes
No
Yes
Creditor’s name
Creditor’s postal address
Account/loan number
Total amount owing to this
creditor ($)
Type of security (eg
mortgage)
Date the security was given
Description of secured
asset
Location of asset
Estimated resale value of
the asset ($)
Is it a joint loan?
Related creditor
Related creditors - If you are unsure whether a creditor is related, please refer to the information sheet
accompanying this form before answering this question. Related creditors must be disclosed by selecting Yes or No.
39 ETuity /oan
Have you used any equity or made any additional loan withdrawals against
any of the above secured property in the last 12 months?
Date
3(SOA)(P)032014
No
Yes
please give details
Amount withdrawn ($)
www.afsa.gov.au - 1300 364 785
page 17 of 25
PART D – YOUR LIABILITIES - PUBLIC
Please copy this page if you have more than 10 unsecured creditors.
40 8nsecureG CreGitors
An unsecured creditor is a creditor who does not hold security over any particular asset you own. They can include
credit cards, unpaid bills, loans from friends and relatives, personal guarantees and contingent debts. List all debts
that have not already been listed as secured at Q38.
Related creditors If you are unsure whether a creditor is related, please refer to the instructions for completing these
forms in the front of this booklet before answering this question. Related creditors must be disclosed by ticking the yes
or no box.
Joint debts: if the debt is owed jointly with another person you must disclose this by indicating Yes or No
7D[GHEWVLI\RXRZHDGHEWWRWKH$XVWUDOLDQ7D[DWLRQ2I¿FHZKHQOLVWLQJWKLVGHEWEHORZSOHDVHGRQRWHQWHU\RXUWD[
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Creditor name
and address
Nature of
debt
Account
number
Mth/Yr
incurred
Total amount Related party?
owing ($)
Joint debt?
No
Yes
No
Yes
No
Yes
No
Yes
No
Yes
No
Yes
No
Yes
No
Yes
No
Yes
No
Yes
No
Yes
No
Yes
No
Yes
No
Yes
No
Yes
No
Yes
No
Yes
No
Yes
No
Yes
No
Yes
Total
Note: certain creditors can continue recovery action during bankruptcy and you may not be released from debts such
as child support, maintenance and debts incurred by fraud.
3(SOA)(P)032014
www.afsa.gov.au - 1300 364 785
page 18 of 25
PART E – BUSINESS DETAILS - PUBLIC
PART E – BUSINESS DETAILS - PUBLIC
41 SoOe TraGerPartnershiS
Have you been in business as a sole trader or
in partnership at any time in the last 5 years?
No Go to Q43
Yes
please give details
If you have operated more than one business please copy this section, complete and attach.
Business name
Business address
41A
,VWKHEXVLQHVVUHJLVWHUHGZLWKWKH$XVWUDOLDQ7D[DWLRQ2I¿FHIRU*67SD\PHQWV"
41B
Is the GST registration on a cash or accrual basis?
41C
Do you have an Australian Business Number?
Cash
No
No
Yes
Accrual
Yes
Number
What is the nature of this business?
Partner’s name and address (if any)?
Second partner’s name and address (if any)?
41D
Is there a written partnership agreement?
41E
When did the business start operating?
41F
Has the business ceased operating?
41G
Have you sold any business assets or have you sold the business as
a going concern in the past 2 years?
No
Yes Date ceased
Date sold
Are there any other business assets not sold?
Type of asset
Yes attach copy
Date
Business name/asset description
41H
No
No
Resale value ($)
No
Yes
Name of purchaser
please give
details
Amt received ($)
Yes please give details
Location of assets
Stock
Plant and equipment
)L[WXUHVDQG¿WWLQJV
Licences
Bank accounts
Book debts
Other (please describe) below
41I
Did your business cease operating more than
6 months ago?
3(SOA)(P)032014
No - you must answer Q42
before moving on to Q43
www.afsa.gov.au - 1300 364 785
Yes - go to Q43
page 19 of 25
PART E – BUSINESS DETAILS - PUBLIC
42 SoOe TraGerPartnershiS ± OSerating or CeaseG in Sast 6 months
42A
Is any stock on consignment or subject to retention of title?
No
Yes
42B
Is there a bill of sale or other security over business assets?
No
Yes
attach copy of the bill of sale
42C
Do you have a lease agreement over your business premises?
No
Yes
please give details
Landlord name
Landlord address
Period of lease
to
42D
Have you sold or tried to sell the business?
No
Yes
please give details
Agent name
Agent address
Asking price ($)
42E
Who has your business records?
Name
Telephone number
Address
42F
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Name
Telephone number
Address
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3(SOA)(P)032014
www.afsa.gov.au - 1300 364 785
page 20 of 25
PART E – BUSINESS DETAILS - PUBLIC
43 ComSanies
43A
Have you been a director or had a management role
in a company at any time in the last 5 years?
No - Go to Q 44
Yes - please give details
If you have operated more than one company please copy this section, complete and attach.
Company name
ABN
Registered address
Trading name
Nature of company activity
Is this a trustee company? If yes, what is the name of the trust?
2I¿FHKROGHUSRVLWLRQVKHOGE\\RXLQWKHODVW\HDUV
43B
Director
Date resigned
Secretary
Date resigned
Has a liquidator, receiver or administrator been appointed to manage
the company?
No
Yes
please give details
Name
Address
43C
Is a dividend or distribution expected?
No
Yes
please give details
43D
Does the company owe you any wages, loans or any other money?
No
Yes
please give details
Description
43E
Amount owed ($)
Do you own, or have you at any time during the last
5 years owned any shares in this company?
No. of shares
3(SOA)(P)032014
Date sold
Transferee name and address
www.afsa.gov.au - 1300 364 785
No
Yes
please give details
Sale proceeds ($)
page 21 of 25
PART E – BUSINESS DETAILS - PUBLIC
43F
Have you transferred any assets to the company in the
last 5 years?
Description of asset
43G
Date of transfer
No
please give details
Yes
Value of asset ($)
Money you received ($)
:KRSUHSDUHVWKH¿QDQFLDOVWDWHPHQWVDQGWD[UHWXUQV"
Name
Telephone number
Address
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44 Trusts
44A
44B
+DYH\RXEHHQDXQLWKROGHULQRUEHQH¿FLDU\RIDWUXVWLQWKHODVW\HDUV25
No
Have you transferred any assets to a trust in the last 5 years?
Yes
please give details
If you have been involved in more than one trust please copy this section, complete and attach.
Trust name
Principal activity
Type of trust
Unit
Discretionary
Other
Trustee name
Trustee address
44C
Are there any assets owned by the trust?
No
Yes
Asset description
44D
Resale value ($)
Does the trust owe you any wages, loans or other money?
Description
3(SOA)(P)032014
please give details
No
Yes
please give details
Amount owed ($)
www.afsa.gov.au - 1300 364 785
page 22 of 25
PART E – BUSINESS DETAILS - PUBLIC
44E
Have you received any income or capital distribution from
this trust in the last 2 years?
How often do you receive a distribution
44F
please give details
Yes
Date of last payment Amount of last payment ($)
Have you transferred any assets to the trust in the last 5 years?
Description of asset
44G
No
Date of
transfer
No
Yes
Value of asset
($)
please give details
Money you received
($)
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Name
Telephone number
Address
Email address
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3(SOA)(P)032014
www.afsa.gov.au - 1300 364 785
page 23 of 25
DECLARATION
'EC/ARATION
Note: S267(2) of the Bankruptcy Act provides that a person must not make a declaration that the person knows to be
false. Penalty: Imprisonment for 12 months.
I declare that the particulars set out in this statement are correct.
Signature
Date (DD/MM/YYYY)
If you received assistance completing this form, the person providing the assistance should sign the statement below.
I declare that before this form was completed, I carefully read to/interpreted for the person named above the
SUHVFULEHGLQIRUPDWLRQDQGWKHTXHVWLRQVRQWKLVIRUPRU>ZKHUHWKHSHUVRQLVSK\VLFDOO\LQFDSDFLWDWHG@VDWLVILHG
P\VHOIthat the person had read and understood the information and questions. The responses provided in this form
are those of the person named above.
Reason the debtor required your assistance
Full name and address of the person assisting
Signature of the person assisting
3(SOA)(P)032014
Date (DD/MM/YYYY)
www.afsa.gov.au - 1300 364 785
page 24 of 25
CHECKLIST FOR STATEMENT OF AFFAIRS
CHECKLIST FOR STATEMENT OF AFFAIRS
• Have you answered every question in Parts A, B, C, D and E. Part E must be completed if you have been
involved in a business/ company/ trust in the last 5 years.
• Have you attached all documentation you have been asked to provide.
Document checklist
Question
Document required
5
Child support
Child Support Agreement/Assessment Notice
6
)DPLO\ODZ¿QDQFLDOSURFHHGLQJV
Family law or spousal maintenance order or application
7
Legal actions
Summons, writ or other documents
8
Proceeds of crime
Court order or application
9
Income
3D\VOLS7D[$VVHVVPHQW1RWLFH&HQWUHOLQN6WDWHPHQWRI%HQH¿W
32
Deceased estate
Copy of the will
33
Sale, transfer or gift of assets
Property settlement statement
41D
Sole trader/partnership
Partnership Agreement
42B
Security over business assets
Bill of sale or other security document/agreement
42F
Sole trader/partnership
/DVWDYDLODEOH¿QDQFLDOVWDWHPHQWV
43G
Companies
/DVWDYDLODEOH¿QDQFLDOVWDWHPHQWV
44G
Trusts
/DVWDYDLODEOH¿QDQFLDOVWDWHPHQWV
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not visible.
3(SOA)(P)032014
www.afsa.gov.au - 1300 364 785
page 25 of 25
Personal insolvency information
for debtors
/PWFNCFS2015
July 2010
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Contents
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Notes
24
Glossary
25
P(PersInsolvInfoForDebt)2015
Supporting better outcomes for consumers, business and the community.
Page 1 of 30
www.afsa.gov.au
Your options for dealing with
unmanageable debt
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Informal options
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Formal options
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found in this booklet at Š)RUPDORSWLRQVWRGHDOZLWKXQPDQDJHDEOHGHEWšIURPSDJH
Note: The consequences of entering into a formal arrangement are serious. All formal arrangements will affect
your credit rating. It is your responsibility to read and understand the information contained in this publication
before you decide to enter one of these arrangements.
Choosing the right option
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Page 2 of 30
Formal options to deal with
unmanageable debt
Suspension of creditor enforcement by presenting a declaration of
intention (DOI) to present a debtor’s petition option
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What is a DOI?
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What happens if I lodge a DOI?
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Who can lodge a DOI?
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• you have not applied for a DOI in the last 12 months
• you have not signed a controlling trustee authority within the preceding six months (ie proposed a personal
insolvency agreement to your creditors)
• you are not currently under a debt agreement, personal insolvency agreement or the subject of a current controlling
trustee authority
• a creditor has not already petitioned for you to be made bankrupt
• you have a residential or business connection to Australia (ie you are living in Australia or conduct business in
Australia).
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• a creditor petitions the court to make you bankrupt and/or the court makes you bankrupt during this period
• you sign a controlling trustee authority (ie propose a personal insolvency agreement) during this period
• you voluntarily apply to become bankrupt during this period.
Fees and charges
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Further information can be obtained by:
• contacting us on 1300 364 785
• visiting www.afsa.gov.au
• discussing your financial affairs with a financial counsellor.
Page 3 of 30
Debt agreement
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What is a debt agreement?
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• weekly or monthly payments from your income
• deferral of payments for an agreed period
• the sale of an asset to pay creditors
• a lump sum payment to be divided among creditors.
Who can propose a debt agreement?
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• are insolvent (this means you are unable to pay your debts as and when they fall due)
• have not been bankrupt, had a debt agreement or appointed a controlling trustee under the Bankruptcy Act in the
last 10 years
• have unsecured debts, assets and after-tax income for the next 12 months all less than set limits. Limits are
provided on the Indexed Amounts information in this pack, or can be found on our website www.afsa.gov.au.
What happens when you propose a debt agreement?
• your name and other details appear on the National Personal Insolvency Index (NPII), a public record, for the
proposal and any debt agreement
• your ability to obtain further credit will be affected. Details of the debt agreement will also appear on a credit
reporting organisation’s records for up to five years - or longer in some circumstances
• during the voting period creditors cannot take debt recovery action or enforce action against you or your property;
and must suspend deductions by garnishee on your income.
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• all unsecured creditors are bound by the debt agreement and are paid in proportion to their debts
• you are released from most unsecured debts when you complete all your obligations and payments
• secured creditors may seize and sell any assets (eg a house) which you have offered as security for credit if you are
in default
• creditors cannot take any action against you or your property to collect their debts
• the agreement does not release another person from a debt jointly owed with you.
What is the procedure?
Stage 1: Information
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Stage 2: Appointing an administrator
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• A debt agreement proposal - this outlines what your proposal is to your creditors.
• An explanatory statement - informs the creditors about your income, expenses, assets and debts, personal
circumstances, household expenses and the reasons behind your financial difficulty.
• A statement of affairs - this outlines in detail your personal information and circumstances. The completed form is
not sent to creditors and is not a public document.
Page 4 of 30
Stage 3: Proposal is lodged with AFSA
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• has given you the prescribed information about bankruptcy, debt agreements and other options
• believes you can afford to make the payments promised in your debt agreement proposal; and
• believes you have properly disclosed your affairs to creditors.
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Stage 4: AFSA sends proposal to creditors to assess and vote on
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Stage 5: AFSA checks and counts the votes
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• the proposal becomes a debt agreement
• AFSA updates the NPII to show that you have entered a debt agreement.
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• the voting outcome is recorded on the NPII
• creditors can commence or continue with action to recover their debts.
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• AFSA updates the NPII with this result
• creditors can commence or continue with action to recover their debts in these cases.
Stage 6: If a debt agreement proposal is accepted
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• collecting payments from the debtor
• keeping creditors and debtors informed
• paying dividends to creditors
• telling AFSA when the debt agreement is completed.
Fees and charges
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Page 5 of 30
Frequently asked questions
Can I change my debt agreement if my circumstances change?
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The agreement is automatically terminated LI
• you have not made any payments for six months after a payment is due, or
• you do not complete the payments within six months of the completion date of the agreement.
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• creditors can commence or recommence recovery action against you
• the termination of the debt agreement is registered on the NPII
• creditors may apply for an order that you be made bankrupt.
When does a debt agreement end?
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• you have completed all your obligations and payments, or
• the court orders the debt agreement be terminated or declared void, or
• the debt agreement is terminated by creditors.
Further information can be obtained by:
• talking to your debt agreement administrator
• contacting us on 1300 364 785
• seeking independent advice from an accountant or solicitor
• discussing your financial affairs with a financial counsellor.
Personal insolvency agreement
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What is a PIA?
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• a lump sum payment to creditors either from your own money or money from third parties (eg family or friends)
• transfer of assets to creditors or the payment of the sale proceeds of assets to creditors, and/or
• a payment arrangement with creditors (this could include deferral of repayments).
Who can propose a PIA?
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• you must be insolvent (this means to be unable to pay your debts as and when they fall due)
• you must be in Australia or have an Australian connection (eg you usually live in Australia or carry on business in
Australia).
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• when you appoint a controlling trustee, you commit an ‘act of bankruptcy’. A creditor can use this to apply to court
to make you bankrupt
• Even if your attempt to set up a PIA fails, the appointment of a controlling trustee and the setting up of a PIA will
still be recorded on the NPII forever
• your details will also appear on a record held by a credit reporting organisation for up to five years - or longer in
some circumstances
• once you have executed a PIA, you are automatically disqualified from managing a corporation until the terms of
the PIA have been complied with.
Page 6 of 30
What is the procedure?
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• vote in favour of you becoming bankrupt (you do not have to follow the creditors’ decision but a creditor may start
bankruptcy proceedings if you do not voluntarily become bankrupt), or leave it up to you to decide how to resolve
your financial difficulties.
• If the proposal is rejected or lapses, you cannot appoint another controlling trustee for six months without the
permission of the court.
Fees and charges
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Frequently asked questions
Can I change or end my PIA if my circumstances change?
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When does a PIA come to an end?
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Further information can be obtained by:
• talking to your controlling trustee or registered trustee
• contacting us on 1300 364 785
• seeking independent advice from an accountant or solicitor
• discussing your financial affairs with a financial counsellor.
Page 7 of 30
Bankruptcy
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Voluntary bankruptcy
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FKRRVHWRYROXQWDULO\ORGJHDSHWLWLRQWREHFRPHEDQNUXSWFDOOHGD debtor’s petition
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The consequences of bankruptcy are serious and your bankruptcy cannot be cancelled if you change your mind.
Involuntary bankruptcy – when a creditor makes you bankrupt
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then required to file a statement of affairs with AFSA within 14 daysRIEHLQJQRWLƮHGRIWKHRUGHU
Failure to lodge your statement of affairs is an offence under the Bankruptcy Act and you could be prosecuted.
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Frequently asked questions
Can my application to voluntarily become bankrupt be rejected?
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petition may not be accepted if it appears from the information that is lodged with the petition that you are likely
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Am I eligible to present a debtor’s petition?
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Page 8 of 30
Is there a minimum amount I need to owe before I can go bankrupt?
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A creditor has made me bankrupt – what happens now?
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What are the consequences of bankruptcy?
1. Your assets may be sold
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2. Your income, employment and business may be affected
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3. You may not be released from all debts
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4. Your ability to travel overseas will be affected
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5. Your name will appear on the National Personal Insolvency Index (NPII) forever
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6. Your ability to obtain future credit will be affected
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website www.afsa.gov.au
Page 9 of 30
What is the role of a trustee?
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• sell your assets, including those you acquire or become entitled to during your bankruptcy (although you will
be able to keep certain types of assets)
• recover any income you earn over a certain limit
• investigate your financial affairs and may, in certain circumstances, recover property that you have
transferred to someone else prior to your bankruptcy.
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Further information can be obtained by:
• contacting us on 1300 364 785
• talking to your trustee
• discussing your financial affairs with a financial counsellor.
Page 10 of 30
Essential bankruptcy information
Part A: Assets
What will happen to my assets in bankruptcy?
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What assets may I keep?
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• most ordinary household items
• tools used to earn an income up to a certain limit*
• vehicles (eg cars or motorbikes) where the total value of the vehicles minus the sum owing under finance is no more
than a certain limit*
• most balances in regulated superannuation funds and payments from regulated superannuation funds received on
or after your date of bankruptcy (superannuation payments received before you go bankrupt are not protected)
• life insurance policies for you or your spouse, and the proceeds from these policies received after your bankruptcy
• compensation for a personal injury, such as an injury to you from a car accident or workers’ compensation (whether
received before or after the date of bankruptcy), and assets bought wholly or substantially with such compensation
• assets held by you in trust for another person (for example, a child’s bank account)
• if creditors agree, awards of a sporting, cultural, military or academic nature made to you, such as medals or
trophies, and claimed as having sentimental value.
What assets will my trustee sell?
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• houses, apartments, land, farms and business premises (including leases)
• motor vehicles (other than exempt ones)
• shares and other investments (including shares held in your employer’s business)
• tax refunds for income earned before you became bankrupt
• proceeds of a deceased estate where the person dies before or during your bankruptcy
• lottery winnings and other competition prizes.
Assets that vest in the trustee
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What about assets I own with someone else?
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What about assets I used to own?
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www.afsa.gov.au
Page 11 of 30
What about secured assets?
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• a house subject to a mortgage with a bank
• a motor vehicle subject to a bill of sale
• goods under hire purchase, chattel mortgage, lease or bill of sale with a finance company
• real estate subject to a charge by local councils for outstanding rates or water charges.
$secured creditor FDQQRWWDNHSRVVHVVLRQRIDQDVVHWMXVWEHFDXVH\RXDUHEDQNUXSW+RZHYHULI\RXIDOOEHKLQGLQ\RXU
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Legal claims you may have against someone
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Assets that haven’t been dealt with before your bankruptcy ends
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How will the trustee know what assets I have?
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• your statement of affairs
• asking you for information
• from your creditors
• from searching the Personal Property Securities Register and State/Territory land title databases
• from third parties.
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EDQNUXSWF\7KHVHSHQDOWLHVFDQLQFOXGHH[WHQGLQJ\RXUEDQNUXSWF\DQGLPSULVRQPHQWIRUXSWRPRQWKVXSRQ
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Part B: Your employment and income
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EDQNUXSWF\
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SURVSHFWLYHHPSOR\HUPLJKWDVNIRUWKLVLQIRUPDWLRQRUFKRRVHWRVHDUFKWKH13,,WRƮQGRXW
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PHPEHUV7KLVLVQRWUHJXODWHGE\WKH%DQNUXSWF\$FWDQGLVDWWKHGLVFUHWLRQRIHDFKERG\<RXVKRXOGFRQƮUPGLUHFWO\
ZLWKWKHRUJDQLVDWLRQRIZKLFK\RXDUHDPHPEHUDVWRZKHWKHUEDQNUXSWF\ZLOODƬHFW\RXUSURIHVVLRQDOPHPEHUVKLSRU
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WKHFRXUW7KH&RUSRUDWLRQV$FWLVDGPLQLVWHUHGE\WKH$XVWUDOLDQ6HFXULWLHVDQG,QYHVWPHQWV&RPPLVVLRQ$6,&DQG
HQTXLULHVDERXWFRPSDQLHVVKRXOGEHGLUHFWHGWR$6,&
What happens to my income while I am bankrupt?
,I\RXUafter-tax LQFRPHH[FHHGVDFHUWDLQDPRXQW\RXZLOOKDYHWRSD\FRQWULEXWLRQVIURP\RXULQFRPHWR\RXUWUXVWHH
<RXZLOOEHUHTXLUHGWRSD\KDOIRIWKHDPRXQW\RXHDUQDERYHWKHSUHVFULEHGWKUHVKROGWR\RXUWUXVWHH<RXUWUXVWHHZLOO
calculate the amount you are liable to pay for each year of your bankruptcy and will send you a notice of assessment that
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Page 12 of 30
What is the prescribed threshold?
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• the person resides with you
• the person is wholly or partially dependent on you for economic support
• the person’s income is less than a certain amount.
If I have to pay contributions, how much will I have to pay?
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How are contributions calculated?
Note:ŠLQFRPHšIRULQFRPHFRQWULEXWLRQSXUSRVHVXQGHUWKH%DQNUXSWF\$FWKDVDZLGHPHDQLQJDQGLQFOXGHVFHUWDLQ
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\RXUEDQNUXSWF\7KHFDOFXODWLRQLVGRQHXVLQJWKHIROORZLQJIRUPXOD
ŝDVVHVVHGLQFRPHŞPLQXVŝDFWXDOLQFRPHWKUHVKROG>DVVHVVHGLQFRPHDFWXDOLQFRPHWKUHVKROG@
What is “assessed income”?
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• wages and salary from all jobs
• tax refunds
• taxable fringe benefits
• salary sacrifice arrangements
• superannuation receipts, annuities and pensions
• business profits
• loans from associated entities
• income you earn which is paid to someone else (including to a company or trust)
• superannuation contributions in excess of 9% made by an employer that arise from an industrial agreement solely
between you and your employer
• income earned overseas.
Note:WKHUHLVDUDQJHRIIDFWRUVWKDWZLOOKDYHDQLPSDFWRQWKHFDOFXODWLRQRI\RXUDVVHVVHGLQFRPHIRUFRQWULEXWLRQV
SXUSRVHV&RQWDFWXVRU\RXUUHJLVWHUHGWUXVWHHIRUDQHVWLPDWHEDVHGRQ\RXUFLUFXPVWDQFHV'HWDLOVRIWKHFXUUHQW
SUHVFULEHGWKUHVKROGVFDQEHIRXQGLQWKH,QGH[HG$PRXQWVLQIRUPDWLRQLQWKLVSDFNRURQRXUZHEVLWHDW
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Expenses
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Information you must provide to your trustee
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IDLOWRGRVRSHQDOWLHVPD\DSSO\<RXPXVWDOVRDGYLVH\RXUWUXVWHHLPPHGLDWHO\LI\RXULQFRPHRUQXPEHURIGHSHQGDQWV
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Consequences of non-payment
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WUXVWHHŞVSD\PHQWVFKHGXOHWKHWUXVWHHPD\FRQVLGHURQHRUDOORIWKHIROORZLQJ
• automatically deducting funds from your income or bank account without your consent (garnisheeing)
• objecting to your discharge and extending your bankruptcy by five years and assessing additional contributions for
this period
• obtaining a judgment for unpaid contributions and taking enforcement action against you after you are discharged
requiring you to open a supervised bank account into which all your income must be paid and from which any
withdrawals must be authorised by the trustee.
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www.afsa.gov.au
Page 13 of 30
What if my circumstances change?
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FKDQJHLQWKHQH[WPRQWKV,I\RXIDLOWRGRVR\RXUDVVHVVPHQWPD\EHLQFRUUHFWDQG\RXPD\SD\WRRPXFKRUQRW
HQRXJK$WWKHHQGRIHDFKPRQWKSHULRG\RXUWUXVWHHZLOOUHDVVHVV\RXUFRQWULEXWLRQOLDELOLW\EDVHGRQ\RXUDFWXDO
LQFRPHDQGGHSHQGDQWVIRUWKHSHULRG,I\RXKDYHQRWSDLGHQRXJKEHFDXVH\RXULQFRPHZDVJUHDWHUWKDQ\RXHVWLPDWHG
WKHQ\RXZLOOKDYHWRPDNHXSWKHVKRUWIDOO,I\RXKDYHSDLGWRRPXFKWKHH[WUDSD\PHQWVFDQQRWEHUHIXQGHGEXWWKH\
ZLOOEHFUHGLWHGWRWKHQH[WDVVHVVPHQW
Hardship variations
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\RXUWUXVWHHGRHVQRWKDYHGLVFUHWLRQWRJUDQWKDUGVKLSIRUH[SHQVHVWKDWDUHQŞWOLVWHGLQWKH%DQNUXSWF\$FW
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• ongoing medical expenses
• costs of child day care essential for work
• particularly high rent when there are no alternatives available
• substantial expenses of travelling to and from work
• loss of financial contribution, usually made by your spouse, to the costs of maintaining your household.
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HYLGHQFHRI\RXULQFRPHDQGH[SHQVHV<RXUWUXVWHHZLOOPDNHDGHFLVLRQRQ\RXUDSSOLFDWLRQZLWKLQGD\VDIWHU
UHFHLYLQJ\RXUDSSOLFDWLRQDQGVXƱFLHQWVXSSRUWLQJHYLGHQFHDQGZLOOJLYH\RXDZULWWHQQRWLFHVHWWLQJRXWWKHUHDVRQV
IRUWKHLUGHFLVLRQ
Review of income and hardship assessments
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WKHƮUVWLQVWDQFH7KHVDPHDSSOLHVLI\RXDUHGLVVDWLVƮHGZLWKDGHFLVLRQPDGHE\\RXUWUXVWHHUHJDUGLQJDKDUGVKLS
UHTXHVW,I\RXVWLOOGLVDJUHH\RXPD\UHTXHVWDUHYLHZRIWKHWUXVWHHŞVGHFLVLRQE\WKH,QVSHFWRU*HQHUDOLQ%DQNUXSWF\
7KHUHTXHVWIRUUHYLHZQHHGVWREHLQZULWLQJDQGPXVWEHORGJHGZLWKLQGD\VRI\RXEHLQJQRWLƮHGRIWKHDVVHVVPHQW
<RXPXVWVWLOOPDNHSD\PHQWVGXULQJWKHDSSHDOSHULRG
Part C: Debts and creditors
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\RXUGHEWVLQ\RXUVWDWHPHQWRIDƬDLUVZKHQ\RXDSSO\WREHFRPHEDQNUXSWLQFOXGLQJ
• debts you owe jointly with someone else
• any loans to you from friends or relatives
• debts that you will still need to pay if you are bankrupt.
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• a person who is a guarantor for your debts
• a person with who you owe debts jointly (eg your partner).
Debts you still have to pay both during and after bankruptcy
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• court imposed penalties and fines
• unliquidated damages you are liable to pay due to accidents, eg. a car accident, except under certain circumstances
• student assistance/supplement loans (HELP - Higher Education Loan Program/HECS - Higher Education
Contribution Scheme/SFSS - Student Financial Supplement Scheme)
• debts you incur after your bankruptcy commences.
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Page 14 of 30
Debts you have to pay after your bankruptcy ends
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• debts incurred by fraud
• maintenance debts, including child support
• accumulated HECS and HELP debts
• unliquidated damages other than those arising from a contract, promise or breach of trust.
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Unsecured creditors JHQHUDOO\ORVHWKHULJKWWRUHFRYHUWKHLUGHEWVHJ
• banks, finance companies and credit unions for personal loans, credit cards and store cards
• service providers, doctors, lawyers and trades people.
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Consumer Commission website at www.accc.gov.au or call their information centre on 1300 302 502 regarding your
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Secured creditorsKROGVHFXULW\RYHU\RXUDVVHWVZKLFKHQWLWOHVWKHPWRWDNHDQGVHOOWKHPLI\RXIDOOEHKLQGLQ
SD\PHQWVHJ
• banks with a mortgage over a house
• finance companies with a chattel mortgage, lease or bill of sale over a car, furniture or electrical goods
• hire purchase arrangements where you have not paid the full amount
• creditors secured by government legislation over houses and land, such as council/shire rates and water rates.
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Part D: Overseas travel
Can I leave Australia if I become bankrupt?
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• the period of travel
• the date you are required to return to Australia, and/or
• that any income contributions (compulsory sums from your income to repay your creditors) that you have been
assessed to pay are paid before you go.
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• you have not carried out all of your obligations under the Bankruptcy Act, for example if you have not filed your
statement of affairs
• you are required to assist your trustee in the administration of your bankruptcy
• the trustee’s investigations have not been completed.
Warning: ,I\RXOHDYH$XVWUDOLDZLWKRXW\RXUWUXVWHHŞVZULWWHQSHUPLVVLRQRU\RXOHDYHZLWKSHUPLVVLRQEXWIDLOWRUHWXUQ
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Page 15 of 30
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$FW7KHSHQDOW\IRUWKLVXSRQFRQYLFWLRQLVXSWRWKUHH\HDUVŞLPSULVRQPHQW%UHDFKLQJDWUDYHOFRQGLWLRQLPSRVHG
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How do I apply for permission?
$VVRRQDV\RXEHFRPHDZDUHWKDW\RXPD\QHHGWROHDYH$XVWUDOLD\RXVKRXOGFRQWDFW\RXUWUXVWHHDQGGLVFXVV\RXU
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• the reasons for the proposed trip
• the names of the countries you propose to visit
• the date you intend to leave Australia
• the date you intend to return to Australia
• if someone else is paying for the trip, the name of the person paying for the trip, the cost of the trip and a confirming
letter from that person
• an email address, telephone number and overseas address where your trustee can readily contact you
• your current annual income
• your proposed arrangements for paying any contribution liability whilst overseas.
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Part E: When your bankruptcy ends
When will I be discharged from bankruptcy?
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\HDUVDQGRQHGD\DIWHU\RXƮOHGWKDWSHWLWLRQDQG\RXUVWDWHPHQWRIDƬDLUVZLWK$)6$,IRQHRI\RXUFUHGLWRUVPDGH
you bankrupt by a VHTXHVWUDWLRQRUGHURIWKHFRXUW\RXZLOOEHGXHIRUGLVFKDUJHWKUHH\HDUVDQGRQHGD\DIWHU$)6$
DFFHSWHG\RXUFRPSOHWHGVWDWHPHQWRIDƬDLUV,WLVWKHUHIRUHLPSRUWDQWWRORGJH\RXUVWDWHPHQWRIDƬDLUVSURPSWO\DVDQ\
GHOD\FDQPHDQ\RXZLOOEHEDQNUXSWIRUORQJHUWKDQWKUHH\HDUV
,QVRPHFDVHV\RXUEDQNUXSWF\FDQEHH[WHQGHGWRƮYHRUHLJKW\HDUV7KLVKDSSHQVZKHQ\RXUWUXVWHHORGJHVDQ
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• provide information to, and assist your trustee
• disclose to your trustee all income
• explain how money was spent, or
• reveal all assets to creditors.
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Do I have to apply for discharge?
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,QVROYHQF\,QGH[13,,H[WUDFWWKDWZLOOVKRZ\RXUGDWHRIGLVFKDUJH
What happens after I am discharged?
<RXUQDPHZLOODSSHDURQWKH1DWLRQDO3HUVRQDO,QVROYHQF\,QGH[13,,IRUHYHUDQGRQDFRPPHUFLDOFUHGLWUHFRUG
IRUXSWRƮYH\HDUVRUORQJHULQVRPHFLUFXPVWDQFHV,IWKHUHLVSURSHUW\WKDWYHVWHGLQWKHWUXVWHHZKHQ\RXEHFDPH
EDQNUXSWDQGLWKDVQRW\HWEHHQGHDOWZLWK\RXGRQŞWDXWRPDWLFDOO\JHWLWEDFN
7KHDGPLQLVWUDWLRQRI\RXUEDQNUXSWF\PD\FRQWLQXHDIWHU\RXDUHGLVFKDUJHGśIRUH[DPSOH\RXUWUXVWHHPD\QRWKDYH
ƮQDOLVHGLQYHVWLJDWLRQVRUWKHVDOHRIDVVHWVRU\RXPD\VWLOOKDYHLQFRPHFRQWULEXWLRQVWRSD\7KH%DQNUXSWF\$FWVD\V
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• assist their trustee to finalise the administration of the bankruptcy
Page 16 of 30
• advise their trustee of any change of address
• provide information about their financial circumstances if requested to do so
• pay outstanding income contributions.
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• give up secured assets if required by the relevant secured creditors
• pay debts that are not released by bankruptcy.
Part F: Annulment
What is annulment?
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Annulment by payment in full \RXSD\DOO\RXUGHEWVLQIXOOLQFOXGLQJLQWHUHVWWKHUHDOLVDWLRQVFKDUJHDQG
\RXUWUXVWHHŞVH[SHQVHVDQGIHHV7KHUHDOLVDWLRQVFKDUJHLVDSHUFHQWDJHRIDPRXQWVUHFHLYHGE\DWUXVWHHIURP
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Annulment by composition or arrangement\RXUFUHGLWRUVDFFHSWDFRPSRVLWLRQRUDUUDQJHPHQWZKLFKLVDQ
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Annulment by court order \RXVXFFHVVIXOO\DSSO\WRWKHFRXUWIRUDQRUGHUDQQXOOLQJ\RXUEDQNUXSWF\
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Your name will appear on the 13,,IRUHYHUZLWKWKHUHFRUGVKRZLQJWKDW\RXUEDQNUXSWF\ZDVDQQXOOHG&UHGLW
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• assets not needed by your trustee to pay the trustee’s fees and expenses and your creditors will be returned to you
• creditors to whom you have granted security over an asset (eg mortgages) will still have their rights in relation to
those assets, which may include the power to seize and sell them if you default in repayments
• you are still liable for the payment of debts that are not provable in bankruptcy.
Annulment by payment in full
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• your creditors, and any interest payable on debts to creditors, and the realisations charge, and your trustee’s
expenses and fees have all been paid in full.
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FRPHVIURPWKHVDOHRIDVVHWVE\\RXUWUXVWHHRUIURPDVRXUFHQRWRWKHUZLVHDYDLODEOHWRWKHWUXVWHHVXFKDVPRQH\
SURYLGHGE\DUHODWLYH<RXUEDQNUXSWF\ZLOOEHDQQXOOHGRQWKHGDWHRIWKHƮQDOSD\PHQWLVPDGHIURP\RXUHVWDWH
Annulment by composition or arrangement
&RPSRVLWLRQVRUDUUDQJHPHQWVDUHRƬHUVPDGHE\EDQNUXSWVWKURXJKWKHLUWUXVWHHVWRƮQDOLVHWKHLUGHEWV8VXDOO\WKH
WUXVWHHSUHSDUHVDUHSRUWDERXWWKHSURSRVDODQGDGYLVHVFUHGLWRUVZKHWKHUWKHSURSRVDOZLOOEHQHƮWWKHP$PHHWLQJLV
WKHQKHOGZKHUHE\FUHGLWRUVFDQYRWHRQZKHWKHURUQRWWRDFFHSWWKHRƬHU$QRƬHU
• may involve assets already in the bankruptcy and/or,
• may include other money or assets that would not normally be available to creditors, such as money provided by a
relative.
7KHVHRƬHUVEHQHƮWFUHGLWRUVDVWKH\UHFHLYHDGLYLGHQGWKDWZRXOGQRWRWKHUZLVHEHDYDLODEOH$OOFUHGLWRUVZLOOUHFHLYH
DQHTXDOUDWHRIGLYLGHQGXQOHVV\RXURƬHUSURYLGHVRWKHUZLVH
<RXUZULWWHQDQGVLJQHGRƬHUPXVWEHORGJHGZLWKWKHWUXVWHH
• setting out the terms
• providing for the payment of the trustee’s fees and expenses
• providing for payment of the realisations charge.*
%HIRUHƮQDOLVLQJ\RXURƬHUDQGDVNLQJ\RXUWUXVWHHWRFDOODFUHGLWRUVPHHWLQJ\RXVKRXOGGLVFXVV
• the requirements for making an offer with your trustee
• what your creditors may be willing to accept. This is in your interests and will save considerable time and resources
which would be wasted if an offer is not accepted at the meeting of creditors.
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• require a deposit to cover the expenses and fees of the meeting
• refuse to call a meeting if the offer does not make adequate provision for the payment of trustee’s fees that have
been approved by creditors and cannot be taken out of the estate.
Page 17 of 30
<RXPXVWDWWHQGWKHPHHWLQJLIUHTXHVWHGWRGRVRE\\RXUWUXVWHH<RXPD\DPHQGWKHWHUPVRI\RXURƬHUDWWKHPHHWLQJ
EXWQRWLQDQ\ZD\WKDWZRXOGUHGXFHWKHWUXVWHHŞVIHHV
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,I\RXURƬHULVaccepted \RXUEDQNUXSWF\ZLOOEHDQQXOOHGLPPHGLDWHO\DQG
• your trustee’s fees and charges will be paid
• your creditors will be paid.
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6RPHGHEWVZLOOVWLOOQHHGWREHUHSDLGWKRXJKVXFKDVFKLOGVXSSRUW+(&6+(/36)66GHEWVGHEWVLQFXUUHGE\IUDXG
DQGGHEWVLQFXUUHGDIWHU\RXUGDWHRIEDQNUXSWF\śWKHVHDUHWKHVDPHGHEWVWKDWZRXOGVWLOOQHHGWREHUHSDLGLI\RX
GLGQŞWRƬHUDFRPSRVLWLRQRULI\RXUFRPSRVLWLRQRƬHULVUHMHFWHG
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• keep funds covering the expenses and fees of calling the meeting from any deposit
• refund any money provided for the offer.
Variation, setting aside or termination of a composition or arrangement
<RXUFUHGLWRUVRUWKHWUXVWHHFDQZLWK\RXUFRQVHQWSURSRVHDYDULDWLRQRI\RXUFRPSRVLWLRQRUDUUDQJHPHQW7KH
YDULDWLRQSURSRVDOLVSXWWRFUHGLWRUVIRUFRQVLGHUDWLRQDQG\RXUWUXVWHHZLOOQRWLI\\RXRIWKHRXWFRPH
7KH,QVSHFWRU*HQHUDO\RXUFUHGLWRUVRUWUXVWHHFDQDSSO\WRWKH)HGHUDO&RXUWRU)HGHUDO&LUFXLW&RXUWWRVHWDVLGH\RXU
FRPSRVLWLRQRUDUUDQJHPHQWLI
• it is unreasonable
• it does not comply with the Bankruptcy Act
• you have supplied misleading or false information
• you are in default of any of the terms.
<RXUFUHGLWRUVFDQWHUPLQDWHWKHFRPSRVLWLRQRUDUUDQJHPHQWE\UHVROXWLRQDWDPHHWLQJFRQYHQHGE\WKHWUXVWHHIRUWKLV
SXUSRVH
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VSHFLI\LQJZKHQWKHWHUPLQDWLRQLVWRRFFXUDQGJLYLQJWKHPDQRSSRUWXQLW\WRREMHFW,IQRREMHFWLRQLVORGJHGZLWKWKH
WUXVWHHWHUPLQDWLRQRFFXUVRQWKHSURSRVHGGDWH
7KHFRXUWPD\DOVRWHUPLQDWHDFRPSRVLWLRQRUDUUDQJHPHQWRQDSSOLFDWLRQE\WKHWUXVWHHDFUHGLWRURU\RXLQ
FLUFXPVWDQFHVZKHUH\RXKDYHQRWFRPSOLHGZLWKDWHUPRIWKHFRPSRVLWLRQRUDUUDQJHPHQWDQGLIWKHFRXUWFRQVLGHUV
WKHUHLVDVXƱFLHQWHOHPHQWRILQMXVWLFHRUXQGXHGHOD\LIWKHFRPSRVLWLRQRUDUUDQJHPHQWZDVWRSURFHHG,QDGGLWLRQWKH
FRXUWKDVEURDGGLVFUHWLRQWRWHUPLQDWHLILWGHWHUPLQHVWKDWWKHUHLVVXƱFLHQWUHDVRQWRGRVR
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Part G: Fees and Charges
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:KHUHDUHJLVWHUHGWUXVWHHLVWKHWUXVWHHRIWKHDGPLQLVWUDWLRQWKHIHHLVJHQHUDOO\EDVHGRQDQKRXUO\UDWH:KHUHWKHUH
DUHLQVXƱFLHQWIXQGVLQDQDGPLQLVWUDWLRQDUHJLVWHUHGWUXVWHHFDQUHFRYHUDVWDWXWRU\PLQLPXPIHH
,I\RXDUHGLVVDWLVƮHGZLWKWKHDPRXQWRIIHHVFKDUJHGE\\RXUWUXVWHH\RXPD\UHTXHVWWKDWDQLQGHSHQGHQWUHYLHZRIWKH
WUXVWHHŞVUHPXQHUDWLRQLQFOXGLQJIHHVDQGGLVEXUVHPHQWVEHXQGHUWDNHQE\WKH,QVSHFWRU*HQHUDOLQ%DQNUXSWF\7KH
,QVSHFWRU*HQHUDOLQ%DQNUXSWF\ZLOOXQGHUWDNHWKHUHYLHZSURYLGHGFHUWDLQFRQGLWLRQVDUHPHW)RUIXUWKHULQIRUPDWLRQ
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SDLGE\WKHWUXVWHHGLUHFWO\WRWKHJRYHUQPHQW$Q\LQWHUHVWHDUQHGRQIXQGVUHFRYHUHGE\WKHWUXVWHHLVSD\DEOHWRWKH
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Page 18 of 30
Fees and charges
$OOIHHVDQGFKDUJHVDUHOLVWHGLQ$XVWUDOLDQGROODUV$8'
$OOIHHVKDYHEHHQGHWHUPLQHGLQDFFRUGDQFHZLWKBankruptcy (Fees and Remuneration) Determination 2015ZLWKHƬHFW
from 1 July 2015 or the Bankruptcy (Estate Charges) (Amount of Charge Payable) Determination 2015ZLWKHƬHFWIURP
-XO\
Service fees
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Advertising creditors’ meetings
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Bankruptcy Register Search of the National Personal Insolvency Index (NPII)
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Inspection of public documents
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Bankruptcy notice application
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The fee is charged for applying for a bankruptcy notice and is payable at the time of making the application. The fee is payable
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Debt agreements
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Personal insolvency agreements
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ZLWK$)6$
Overseas travel
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Taxation services
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This only applies to bankruptcies, Part X section 188 authorities and personal insolvency agreements that commenced prior to
'HFHPEHU)RUDUUDQJHPHQWVDIWHUWKDWGDWHVHH'LYLVLRQRIWKH%DQNUXSWF\5HJXODWLRQV
Trustee and administrator registrations and renewals
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Page 19 of 30
Realisations charge
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Interest charge
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The interest earned net of
bank charges
Administration fees
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Administration of
Fee
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Controlling trustee authorities
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When AFSA administers a bankruptcy
• We will only be paid (in full or part) if money is received in the administration.
• If we don’t receive enough money to cover fees and expenses, the shortfall cannot be recovered from a bankrupt or
creditors.
• While a bankrupt may secure an annulment, our full fee and cost of the administration must still be paid.
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7KHUHLVRQHH[FHSWLRQWRWKLVUXOHQDPHO\where the bankruptcy is transferred by AFSA to another trustee or
vice versa.
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Page 20 of 30
Quick comparison of features between
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administrations
Eligibility
Bankruptcy
Debt agreement
Personal insolvency
agreement
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does not by itself make a
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may not accept the petition
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bankrupt and some other
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agreement or made a debt
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amounts information
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at www.afsa.gov.au.
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amounts information
enclosed with this pack or
at www.afsa.gov.au.
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amounts information
enclosed with this pack or
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Income, employment and trade
Personal insolvency
agreement
Bankruptcy
Debt agreement
Payments from
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operate a business
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the nature of the business and
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must be disclosed to all people
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agreement must be disclosed
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Page 21 of 30
Assets
Bankruptcy
Debt agreement
Personal insolvency
agreement
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sold or transferred for statutory conditions being
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pro rata payment from funds
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statutory priority payments to
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Unsecured creditors can
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rates if the terms of the
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repossess assets if there is
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repossess assets if there is
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repossess assets if there is
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Upon discharge from
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but not released from some
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during the period
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www.afsa.gov.au.
Page 22 of 30
Fees and charges
Bankruptcy
Debt agreement
Personal insolvency
agreement
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amounts information
enclosed with this pack or
at www.afsa.gov.au.
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charges information
included with this
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imposed on all receipts in
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and charges information
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imposed on all receipts in
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interest earned on these
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and charges information
included with this
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imposed on all receipts in
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interest earned on these
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and charges information
included with this
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and charges information
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Page 23 of 30
Notes
Page 24 of 30
Glossary
A
Act of bankruptcy
$QDFWLRQHYHQWRUGHFODUDWLRQOLVWHGLQVHFWLRQVRIWKHBankruptcy Act 1966 which can be used by a creditor to
DSSO\WRWKHFRXUWWRPDNHDSHUVRQEDQNUXSW$QDFWRIEDQNUXSWF\PXVWEHHVWDEOLVKHGEHIRUHWKHFRXUWPD\PDNHD
VHTXHVWUDWLRQRUGHUDJDLQVWWKHHVWDWHRIWKHGHEWRU5HIHUWRVHFWLRQVDQGRIWKHBankruptcy Act 1966.
Advertising of creditors meetings
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Antecedent transaction
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Bankruptcy
$SURFHVVZKHUHSHRSOHZKRFDQQRWSD\WKHLUGHEWVEHFRPHEDQNUXSWWRUHFHLYHWKHSURWHFWLRQRIWKHBankruptcy Act
1966DQGWKHLUHVWDWHLVDGPLQLVWHUHGE\DWUXVWHH,WDOORZVIRUWKHIDLUGLVWULEXWLRQRISURSHUW\DPRQJFUHGLWRUVDQGWKH
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Bankruptcy Act 1966
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Bankruptcy notice
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Bankruptcy Register Search (BRS)
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Charge
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Consent to act
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Contribution
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Controlling trustee
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Page 25 of 30
Court
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Credit reference report
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Credit reporting agency
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Creditor
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Creditor’s petition
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Debt agreement
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Debt agreement administrator
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Debt agreement proposal (DAP)
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Debt agreement proposal lodgment fee
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Debtor
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Debtor’s petition
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Debts not extinguished by bankruptcy
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• some are provable and not extinguished: eg child support debts
• some are not provable and not extinguished: eg HECS/HELP and SFSS debts; fines or penalties imposed by a court.
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Debt purchaser
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Declaration of intention to present a debtor’s petition (DOI)
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Discharge from bankruptcy
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Discharged bankrupt
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Divisible assets or divisible property
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Page 26 of 30
E
Exempt assets
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Extension of bankruptcy
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Final judgment
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Financial counsellor
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Garnishee
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where the bankrupt has been assessed as liable to pay a sum of money from their income as a contribution to their
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Hardship
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substantially from his or her income
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Household property
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Income for contributions purposes
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Index search agent (ISA)
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Indexed amounts
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Infringement notice
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Insolvent
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Page 27 of 30
Inspector-General in Bankruptcy (IG)
$QRƱFHFUHDWHGXQGHUWKHBankruptcy Act 1966WREHUHVSRQVLEOHIRUWKHJHQHUDODGPLQLVWUDWLRQRIWKH%DQNUXSWF\$FW
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Interest charge
The interest earned on funds held by registered trustees and debt agreement administrators is paid to the
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Last day of voting (LDV)
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Liability
$QREOLJDWLRQRUUHVSRQVLELOLW\WRGRVRPHWKLQJVXFKDVUHSD\DGHEW
Liquidated debts or liquidated damages
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N
National Personal Insolvency Index (NPII)
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1966
National Service Centre (NSC)
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Non transitional security interest
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Objection to discharge from bankruptcy
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responsibility under the Proceeds of Crime Act 2002 and the Customs Act 1901 to control and deal with property under
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Overseas travel application fee
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Page 28 of 30
P
Personal insolvency agreement (PIA)
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Prescribed information
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Private bankruptcy trustee
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Proof of debt (POD)
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Provable debt
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Related creditor
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Related entity
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Released from debt
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Special resolution
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Trustee
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Undischarged bankrupt
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Unsecured creditor
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Unsecured debt
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Vest
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