A businessman who was declared bankrupt in 1998 had his automatic discharge from bankruptcy suspended for four years yesterday after the Official Receiver discovered he had five boats, membership to the Gold Coast Yacht Club and $20,000 cash in the bank. The Official Receiver objected to James Chen Miauw-shen's application for automatic discharge, due to have been heard on September 8. A bankrupt can apply for a discharge after four years, which, if granted, lifts financial restrictions and means any outstanding debts are written off. On November 12, the Official Receiver told the Court of First Instance that when Chen submitted his statement of affairs on September 22, 1998, there was no mention of his membership at the Gold Coast Yacht Club, worth about $100,000. Master Jack Wong, presiding, also heard Chen had been inconsistent when admitting how much money he had in the bank and had never mentioned he had any boats, yet when the Official Receiver investigated, it transpired Chen had five vessels. 'Worse still, it was found that four out of the five vessels were transferred to third parties shortly after the bankruptcy order was made against Mr Chen [in 1998] without consent from the Official Receiver,' Master Wong said. Postponing Chen's discharge for four years, Master Wong concluded that Chen 'did not, does not and will not tell the truth'.