Mr Terry Scott Woodall, a 49 year old builder from Keith in South Australia, was sentenced on 20 September 2017 after pleading guilty to making a false declaration in his Statement of Affairs and contracting a debt without any reasonable or probable grounds of being able to repay it.
Mr Woodall filed for voluntary bankruptcy on 7 February 2013 with debts in excess of $450,000 and his petition was accepted on 27 February 2013.
He remains an undischarged bankrupt due to an objection to discharge lodged by the trustee.
In his Statement of Affairs, dated 4 February 2013, Mr Woodall failed to disclose the transfer of his interest in a house worth $120,000 and the disposal of a Camero Nordic MK2 ski boat and boat trailer worth $17,466. He also failed to disclose that the boat was traded in toward the purchase of a Mobius IXL speedboat valued at $67,466 held in the name of his brother in law, Robert Clarke.
On 6 February 2013, Mr Woodall obtained a $20,000 loan from the Commonwealth Bank to pay his son’s tuition and boarding fees to Sacred Heart College.
Magistrate Sheppard at Adelaide Magistrates Court recorded convictions for both offences and fined Mr Woodall $4,000.
In sentencing, her Honour noted that Mr Woodall had committed the offences knowingly in the hope he would get away with them. She took into account the importance of deterrence, noting that the efficacy of the Bankruptcy Act 1966 relies on the honesty of bankrupts, and Mr Woodall’s conduct undermined the bankruptcy system.
The matter was prosecuted by the Office of the Commonwealth Director of Public Prosecutions on behalf of the Australian Financial Security Authority.