Shearer settles debt to avoid bankruptcy
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.