Shearer settles debt to avoid bankruptcy

MARTIN VAN BEYNEN
Last updated 09:27 22/08/2014
Malcolm David Shearer
David Hallett
FINANCIAL DIFFICULTY: Malcolm Shearer pictured leaving court in 2012.

Relevant offers

Industries

Auckland Airport sticks to forecast Infinity boss Bob Robertson steps down Kiwi flies lower on inflation data Government seizes Korean trawler Mount convicted of $510,000 fraud Sam Morgan may face fire action PGC confirms Epic stake sale KFC feeds Restaurant Brands result Low inflation set to crimp rate rises Lenders warned over credit fees

Malcolm David Shearer, 60, finds it hard to stay out of financial trouble.

The Christchurch businessman's name was on the court bankruptcy list in the High Court in Christchurch again yesterday, three years after he was discharged from his last bankruptcy.

Auckland-based construction company Southern Recon had taken the proceedings to recover a debt but Shearer avoided adjudication yesterday by settling.

Shearer was sentenced in 2012 on five charges of cheque fraud relating to 2009 when he wrote cheques on bank accounts which had been closed. All five people affected by those frauds were eventually paid.

He was bankrupted in September 2008 and discharged in September 2011.

Shearer's latest venture, house relocation business Aylesbury Developments Company Ltd, went into liquidation in September last year with debts of about $350,000.

He claimed lack of working capital and economic conditions had caused the company failure.

Ad Feedback

- The Press

Special offers

Featured Promotions

Sponsored Content