Bankrupt's discharge appealed

GREG NINNESS
Last updated 12:06 19/02/2014

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The Official Assignee has appealed a High Court decision to discharge the bankruptcy of prominent former property developer Jamie (James Matthew) Peters.

Peters was adjudged bankrupt in October 2009, but was not automatically discharged after three years.

Instead his bankruptcy continued while his financial affairs were subject to examination by the High Court last year, where the Official Assignee sought to have the bankruptcy extended until October 2015.

However that application was unsuccessful and Peters was discharged from bankruptcy on December 23.

The Official Assignee has now filed an appeal against that decision.

Robyn Cox, the national manager for the Insolvency & Trustee Service of the Ministry of Business Innovation and Employment, confirmed an appeal against Peters' discharge had been lodged, but would not comment further because the matter was before the courts.

Peters said he would issue a statement on the Official Assignee's action later today.

Peters was one of the country's highest-flying property developers during the last property boom. At its peak his empire included the Gulf Harbour housing development north of Auckland, a 2.8-hectare development project near Victoria Park on the fringe of Auckland's CBD and several high rise office towers.

However, his companies collapsed under the weight of their debts following the global financial crisis and Peters was bankrupted owing creditors $181 million, largely as a result of personal guarantees he gave in relation to loans on his various development projects.

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- © Fairfax NZ News

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