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Authorities give up bankruptcy bid against Jamie Peters

The Official Assignee has given up trying to extend developer Jamie Peters’ bankruptcy.

The authority, which manages insolvencies, says in a statement it will discontinue an appeal against a High Court decision to discharge the developer. 

Mr Peters’ discharge from bankruptcy was reported in late December last year.

Associate Judge David Abbott in the High Court at Auckland had favoured Mr Peters’ contention that he was not a risk to the business community because it knew all about his activities.

A property developer in Auckland and Wellington for more than 20 years, Mr Peters was made bankrupt in October 2009, owing creditors $181 million.

He was bankrupted after failing to make good on a court order to pay Marac Finance $3 million, $2.8 million of which was lent for his Gulf Harbour subdivision.

According to a NZ Herald report, Mr Peters still faces separate charges from the Official Assignee, including for allegedly concealing property. 

vyoung@nbr.co.nz

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Incredible.

NZ commerce has now been warned ...