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Bankrupt Man Gaoled for Obtaining Credit

Wednesday, May 30, 2018 - Posted by Michael McCulloch

A New South Wales man has recently been sentenced to 7 months imprisonment after twice obtaining credit without disclosing to credit providers that he was an undischarged bankrupt.

The person in question was sentenced in January 2018 at Downing Centre Local Court following an investigation by AFSA. It was disclosed at the hearing that the person in question borrowed $1,020,000 from ANZ Bank and $960,000 from La Trobe Financial using the a different name. The person in question failed to disclose to both Creditors that he was an undischarged bankrupt under another name.

Magistrate Atkinson commented, in her view, that the matter was serious with the person in question not only failing to disclose the fact that he was an undischarged bankrupt but also that he provided false information on his credit applications. While the person in question appealed the sentence this was upheld last month with Judge Russell noting that the imprisonment was the only appropriate punishment in this matter owing to the persons criminal history.

The sentence is to be served by way of an Intensive Corrections Order.

Source: AFSA - May 2018


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