IN THE FEDERAL COURT OF AUSTRALIA GENERAL DIVISION BANKRUPTCY DISTRICT THE STATE OF NEW SOUTH WALES AND THE AUSTRALIAN we we ww wwe Ss Sw CAPITAL TERRITORY No.W655 of 1981 RE: IvVoOR LEISER ORDER + Judge making order: Beaumont, J. Date of order: 20 September, 1983. Where made: Sydney. ° 2 THE COURT ORDERS: 1. I order that the application for discharge be 2. I make no order as to costs. eee te ary sR A HERR A NE NR RE ENR ee ee mR ee ee eta w IN THE FEDERAL COURT OF AUSTRALIA GENERAL DIVISION NEW SOUTH WALES AND THE AUSTRALTAN ) ) ) ) BANKRUPTCY DISTRICT THE STATE OF ) ) ) ) ) CAPITAL TERRITORY NoW655 of 1981 RE: Ivor LEISER CORAM: Beaumont, J. DATED: 20 September, 1983. (ex tempore) REASONS FOR JUDGMENT In this matter I have already indicated that I propose to refuse the application. I will now give reasons. This is an application for discharge from bankruptcy. The facts are that the bankrupt was made bankrupt by a sequestration order dated 27 July, 1981. No assets were brought to the credit of the estate and the bankrupt has made no contributions on that account. A number of creditors, some external, but in one case the former wife of the bankrupt, have proved in the estate. In round figures the amounts of the debts in which proof has been made exceed some $65,000 of which some $16,000 consists of a debt owed to the former wife of the bankrupt pursuant to a deed of settlement executed when their marriage broke up. Originally some $29,000 was owed by the bankrupt to his wife on that account, but various payments were made in reduction and the debt now stands in the sum of approximately $16,000 which was the subject of a judgment obtained in the District Court. In paragraphs 8 and 9 of the report of the Official Receiver dated 30 August, 1983 there is set out in a form which £ would adopt for this purpose information as to the bankrupt's present financial and personal position. There is also in that part of the report some explication of -he way in which the bankrupt became financially embarrassed, principally by reason of his activities as a director and shareholder of a private company, Rosewear Pty. Limited. I will not repeat that material here but would seek, as it were, to incorporate it by reference. The bankrupt has sworn an affidavit today which has been read in the application in which he indicates his current position. He says that he 1s presently residing with his wife, Ruth Leiser, but that he has suffered some health problems to the extent that he is receiving medical treatment for ulcers. In paragraph 8 of that affidavit he says that, 1f he 1s now discharged, it is not his intention to enter into any business on his own behalf, rather it is more his wish to continue as he is at present but without the stigma of bankruptcy. He refers to the circumstance that he has four children aged 23 years, 25 years and twins, 28 years of age and some grandchildren. Reference was also made during the course of the hearing to the circumstance that one of his children is to be married shortly and the bankrupt wishes, perhaps understandably, in his later years to be free from the stigma that is attached through bankruptcy. In my opinion this application is premature. There are, in my view, no special circumstances which would suggest that the statutory period of three years should not run its full course in the present case. I may say that 1f there had been no external creditors or if some assets had been brought in for the benefit of creditors or if some contributions had been made, however modest, my attitude may well have been different but as matters stand there are no assets, there are no contributions, there are significant external creditors, and the application is made barely two years after the date of the sequestration order. In those circumstances I propose to refuse the applic- ation and the orders I make are as follows: l. I refuse the application for discharge. 2. I make no order as to costs. 3. I order that the exhibits may be handed out. | certify that ttmassad the 3S preceding pages are a true copy of the reasons for judgment herein of Tne Honourable Mr Justice Beaumont. D Cyr Associate Dated [7 ocho 1433 et Paaet ON UIE ean ETA mo nea