A former company director has narrowly avoided jail over his dealings, following his £199,000 bankruptcy claim.
James Manning, 53, of Snowdrop Close, Leyland, admitted failing to account for losses which relates to a sum of £39,461 he made from selling his stables in Clayton-le-Woods.
Despite having equity from the sale, the father-of-four admitted failure to pay county court judgements over money he owed to two firms - SHP Valuers, which assisted him in the sale of the stables, and Cambridge Finance, which financed him.
Giving him nine months suspended for two years, with 180 hours unpaid work and supervision, Recorder Melton QC said: “ You spent money in ways no one now knows about.
“It’s my duty to consider whether a suspended sentence can be imposed.
“I am just about persuaded in your case that it can, but be under no doubt if you should commit any further offences then you will go straight to prison.”
Preston Crown Court heard the defendant, who used to run waste firm McCann Waste Managers Ltd, told officials he spent the money on gambling and alcohol, but could not provide any documentary evidence.
Manning, wearing a navy polo shirt, clutched his jacket and glasses as prosecuting, Charlotte Atherton said he made himself bankrupt on May 28, 2012, but failed to reveal he received nearly £60,000 in equity from the sale, and could not give a proper account of where all the cash had gone.
Manning claimed he blew cash at Aintree and Haydock racecourses, dogs and cars.