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Aust'n Senator resigns from parliament due to building company bankruptcy

Xinhua, October 17, 2016 Adjust font size:

Australian Senator Bob Day has on Monday announced he is resigning from the Senate after his building company went into liquidation.

The Family First Senator confirmed his resignation in a statement, in which said he would lose his family home in an effort to pay back his debts as a result of his company's bankruptcy.

Day's building company, Home Australia, has been in financial trouble for some time, and Day had been absent for a number of sitting days in the Senate to deal with the situation.

In his statement to Home Australia staff on Monday, Day said he was "devastated by what has happened" and would do "whatever I can now to assist those affected by this closure".

"I am incredibly sorry for the pain, stress and suffering I know this will cause," Day's statement said.

"As I have always agreed to sign personal guarantees to creditors, this closure also has serious implications for me and my family. Creditor liabilities greatly exceed our assets so we will also lose our family home.

"As for my role as a Senator, I will of course resign."

As many as 200 houses were under construction by Home Australia, but as of Monday, all construction had stopped.

In Australia, politicians who go bankrupt are required to give up their place in Parliament. Day had previously been given a leave of absence from Parliament due to "personal reasons".

Last month, local media raised questions about how Day was able to raise more than 250,000 U.S dollars for Family First while his company suffered.

The Family First party will be able to nominate a replacement from within itself, with Day's chief of staff Rikki Lambert the likely replacement.

Day had served in the Senate since 2007 and was named an Officer of the Order of Australia (AO) for his contribution to the building industry in 2003. Endit