Mr Davy was sentenced to eight months imprisonment for each offence, to be served concurrently.
Mr Davy is currently in custody, serving a six year term of imprisonment for state fraud. He is eligible for parole on 29 May 2018.
The Magistrate directed that the sentence for the bankruptcy offences commence on 29 May 2018 and that Mr Davy be released after serving four months of that sentence and then enter a good behaviour bond for three years.
Mr Davy was made bankrupt on 19 January 2012, as a result of a sequestration order made in the Federal Magistrates Court of Australia. Four days later, he removed $54,000 in cash from his account.
Mr Davy, who has been bankrupt on two prior occasions, pleaded not guilty to the charges.
In passing sentence, Magistrate Shearer took into account the nature and seriousness of the offences and the need for personal and general deterrence. He was satisfied that imprisonment was the only appropriate sentence.
Magistrate Shearer noted that Mr Davy had shown no remorse and that the prosecution had been required to fly witnesses from other parts of the country at significant public expense.
The matter was prosecuted by the Office of the Commonwealth Director of Public Prosecutions.