Media release: (VIC) Former bankrupt Figgins pleads guilty to six offences under the Bankruptcy Act

Friday, October 30, 2015

Jeffrey Donald Figgins, was prosecuted in the Melbourne Magistrates Court on 29 October 2015 for making a false declaration in his statement of affairs, failure to comply with a notice to produce books and records and obtaining credit without disclosing his bankruptcy.

Mr Figgins is the former chief executive and managing director of the shoe business empire - Figgins Holdings group of companies - which is in liquidation.

In his statement of affairs form, Mr Figgins failed to declare his:

  • use of two motor vehicles registered to his wife’s name
  • ownership of a house property
  • interest in a forestry managed investment scheme
  • the sale, transfer or gifting of assets, including two units, 3 boats, and 3 vehicles including a Ferrari and
  • all his creditors.

Magistrate Holzer remarked that Mr Figgins had been naïve at best and reckless at worst.

The Magistrate said that Mr Figgins is a person who is not unsophisticated and that the system can’t operate if people don’t do what is required of them.

Magistrate Holzer also concluded that Mr Figgins' mental health did not provide an excuse for his bad behaviour.

He further stated that Mr Figgins let himself down in a significant way and caused much embarrassment to himself and his creditors having done little to show his appreciation to these matters until now.

Mr Figgins pleaded guilty to six offences under the Bankruptcy Act and was convicted and fined a total of $16,500 and ordered to pay statutory costs.

The matter was prosecuted by the Office of the Commonwealth Director of Public Prosecutions.