Bankruptcy
Although Kate Leigh was undoubtedly one of Sydney's wealthiest women during the 1930s and 1940s, the Taxation Department sent her into bankruptcy in 1954 for unpaid income tax and fines dating back to 1942. Leigh's Statement of Affairs was given at a Bankruptcy Court hearing in Sydney on 30 September 1954 as : Assets of £1960 consisting of furniture and three properties in Devonshire Street. Her Liabilities were shown as £7130. In 1955 the New South Wales Government changed the law to allow legal hotels to trade until 10 p.m. which virtually killed off the Sydney sly-grog trade and putting the likes of Kate Leigh out of business. Leigh was famously quoted in the Australian media as stating " The bloom has gone off the grog".
Read more about this topic: Kate Leigh
Famous quotes containing the word bankruptcy:
“You must get your living by loving. But as it is said of the merchants that ninety-seven in a hundred fail, so the life of men generally, tried by this standard, is a failure, and bankruptcy may be surely prophesied.”
—Henry David Thoreau (1817–1862)
“The heritage of the American Revolution is forgotten, and the American government, for better and for worse, has entered into the heritage of Europe as though it were its patrimony—unaware, alas, of the fact that Europe’s declining power was preceded and accompanied by political bankruptcy, the bankruptcy of the nation-state and its concept of sovereignty.”
—Hannah Arendt (1906–1975)
“Disappointment is a sort of bankruptcy—the bankruptcy of a soul that expends too much in hope and expectation.”
—Eric Hoffer (1902–1983)