The owner of the failed Manawatu Jennian Homes franchise has been placed into bankruptcy.
Building suppliers Bunnings Ltd successfully applied to bankrupt Anthony Hugh Scott in the High Court at Palmerston North.
In March last year the building firm folded after operating under Mr Scott's management for a decade.
The company's liquidator Rod McKenzie found it had a net deficit of $1.06 million.
It is unclear if Mr Scott's bankruptcy relates to any guarantees to creditors of Jennian.
About the time of the liquidation, Mr Scott and his wife Stephanie placed their Colyton Rd property on the market, asking for inquiries over $1.35m.
Property records show it sold for $1m in a deal settled on December 6.
The Scotts also owned a Milestones Homes Manawatu franchise, and the Official Assignee will take on Mr Scott's share in that company.
Mr Scott could not be reached for comment.
When someone is declared bankrupt many of their debts cease to exist, if certain responsibilities are fulfilled. For the three-year duration of their bankruptcy they can't own or direct companies.
- Manawatu Standard