Tom Brown was made bankrupt by the acceptance of a debtor's petition on 4th July 2019. At the time there was a creditors' petition filed against him in the Federal Court by the Australian Taxation Office on 25th May 2019. The creditors' petition was based upon a failure to comply with a Bankruptcy notice served on 1 March 2019. David Thompson has been appointed Trustee.
Scrutiny of Tom Brown's Statement of Affairs reveals the following assets:
(a) A television set valued (value $2,200)
(b) A residential home jointly held by Tom and his wife ($675,000). XYZ Bank holds a mortgage over the home for $450,000.
(c) $100,000 in a bank account received by Tom in respect of a negligence claim for personal injuries he sustained in a road accident.
(d) Shares in listed public companies owned by Tom and valued at $35,000.
(e) Tom Brown's carpentry tools valued at $4,500. Tom is employed as a carpenter.
(f) A debt of $450 owing to Tom for some carpentry work he provided to his next door neighbour.
(g) Tom's Lexus IS250 valued at $75,000. Tom leases the car. At the date of bankruptcy the payout figure on Tom's car lease is $79,000.
(h) Tom's interest in his self- managed superannuation fund $195,000. Would David Thompson be able to realise and distribute the proceeds of any of the above assets to Tom Brown's unsecured creditors?