Mr Douglas John Allan of Orange, New South Wales, was convicted on 21 March 2017 for transferring his interest in a property with intent to defraud his creditors.
Mr Allan became bankrupt on 8 February 2013 by order of the Federal Magistrates Court.
On 13 August 2012, Mr Allan had transferred his half-interest in a property in Nashdale NSW to his former spouse. The market value of the property at the time was between $1,000,000 and $1,200,000. The transfer was made with the intention to secure the property for the benefit of his former spouse, and effectively defraud his creditor.
Mr Allan pleaded guilty to the offence at the Sydney Downing Centre Local Court.
He was convicted by Magistrate Swain and released on a two year good behaviour bond.
The Magistrate commented that the seriousness of the offence and general deterrence were considerations in sentencing.
The matter was prosecuted by the Office of the Commonwealth Director of Public Prosecution on behalf of the Australian Financial Security Authority.