NOT CONSIDERED SUITABLE FOR DISTRIBUTION IN THE FEDERAL COURT OF AUSTRALIA GENERAL DIVISION BANKRUPTCY DISTRICT OF THE STATE OF NEW SOUTH WALES AND THE AUSTRALIAN CAPITAL TERRITORY No. W.233 of 1986 JOHN ROBERT WOODWARD Bankrupt BURCHETT J. Well, I am satisfied, then, in this matter. I do not think 1t 1s necessary to recite the details which are set out in the affidavits and in Mr. Bluett's report. It has been submitted that the case 1s quite similar, in 1ts circumstances, to Re Gianacas; Ex parte The Official Receiver (1983) 48 A.L.R. 537. I think there is considerable similarity. No case, of course, 1S a precedent for another case as to factual matters. But I am content respectfully to follow the principles that were stated in that case. I have heard some brief evidence from the applicant, the bankrupt. No creditor has appeared to oppose his application, and the Official Receiver has drawn my attention to aspects of the case, but has not reported any matter under subsection (6) of section 150. % { t i. Pe Lan b I think it is clear ~ and the bankrupt does not dispute it - that he did allow himself to get into a situation where his resources were over-stretched, and where there was-~ an unacceptable element of risk in the transactions in which he was involved. He was, of course, a young man at the time, and he has lost significantly as a result. I think I should act on the basis that he will not, in future, overlook the lesson he has been so forcibly taught. He has qualifications, and it is open to him to resume the practice of his profession as from 30 June of this year. In all the circumstances, I think I should make orders that will facilitate that. There appears to be nothing outstanding in the administration of the estate which would provide any reason for doing otherwise. The only considerations seem to me to be considerations of what is the appropriate exercise of a discretion which is there, partly, to ensure the protection of the commercial community. I do not think that those considerations require that the debtor should remain a bankrupt for a significantly longer period. There is the matter of an amount of $1536.40 required to meet outstanding fees and costs of the administration of the estate, and the applicant has indicated that he 1s prepared to see this amount paid prior to 30 June. I think it 1s appropriate that I should grant a discharge, but pursuant to section 150(9)(c), that I should suspend the operation of the order of discharge so that, provided the amount which I have mentioned is paid to the Official 3. Receiver prior to 30 June, the suspension shall come to an end on 30 June, and the order of discharge then come into effect. Otherwise, the discharge should be suspended for a period of six months from today's date. I so order. I certify that this and the preceding two (2) pages are a true copy of the Reasons for Judgment herein of his Honour Mr. Justice Burchett. Conn exes Associate Dated: 4 May 1987. pa ee om eee ee a a eg age ve Serene