A businessman failed to disclose he jointly owned a £409,000 Derbyshire cottage when he filed for bankruptcy, Sheffield Crown Court heard.
David Dann, aged 47, had a deficiency of over £65,000 when he filed a petition in February at Sheffield County Court. But he failed to tell the authorities he jointly owned Trinity Cottage at Ashford-in-the-Water with his mother.
David Baines, prosecuting, said Dann helped his mother re-mortgage the cottage for £265,000 in 2007. It was re-mortgaged again for £325,000 in 2008 and Dann received £37,000 from his mother.
His name was placed on the title deeds and he claimed the money was a loan from his mother.
Dann, of Chancet Wood Rise, Greenhill admitted failing to disclose the information under bankruptcy laws.
Richard Sheldon, defending, said Dann was awaiting cancer tests at hospital.
Judge Robert Moore said he was considering a sentence of unpaid work but would wait until Dann’s medical prognosis was clearer. He adjourned the case until Monday, July 6.