Francis Patrick Luton A Bankrupt [1983] FCA 244

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IN THE FEDERAL COURT OF AUSTRALIA ) )

GENERAL DIVISION, BANKRUPTCY DISTRICT) ) No. NSW 323 of 1977

) ) )

OF THE STATE OF NEW SOUTH WALES AND

THE AUSTRALIAN CAPITAL TERRITORY

RE: FRANCIS PATRICK LUTON

A Bankrupt

ORDER

JUDGE MAKING ORDER: Neaves J.

DATE OF ORDER: 12 September 1983 WHERE MADE: Sydney

THE COURT ORDERS THAT:

1. The applicant be discharged from bankruptcy.

IN THE FEDERAL COURT OF AUSTRALIA ) ) GENERAL DLVISTON, BANKRUPTCY DISTRICT )} ) No. NSW 323 of 1977 OF THE STATE OF NEW SOUTH WALES AND ) ) )

THE AUSTRALIAN CAPITAL TERRITORY

RE: FRANCIS PATRICK LUTON

A Bankrupt

CORAM: Neaves J.

DATE: 12 September 1983

REASONS FOR JUDGMENT (Ex tempore)

This is an application by Francis Patrick Luton, ("the bankrupt") pursuant to section 150 of the Bankruptcy

Act 1966 for an order of discharge from his bankruptcy.

A sequestration order was made against the estate

of the bankrupt on 7 June 1977.

On 16 July 1980 an objection to the discharge of the applicant from bankruptcy by force of section 149 of the Act was lodged by the Official Receiver on the

ground that there was a deficiency in the estate in excess

of $80,000. That objection has not been withdrawn.

In his statement of affairs the bankrupt disclosed assets of $103,134. The assets so disclosed included cash deposited with an accountant ($11,084), moneys held by a firm of solicitors ($6,400), equity in four separate parcels of land at Russell Island, Queensland all of which were subject to mortgage, the bankrupt's equity as shown totalling $76,500, and book debts totalling $8,650. The bankrupt also disclosed a contingent asset of $15,000, being a claim arising out of a fire that destroyed

a house property at Mount Tambourine in Queensland.

All the land disclosed as an asset in the statement of affairs was subject to mortgage. In the case of three of those parcels the mortgagee has exercised power of sale. In each case a loss appears to have been