Judge grants bankruptcy discharge

ROELAND VAN DEN BERGH
Last updated 05:00 08/02/2014

Relevant offers

Small Business

Auckland liquor store gets booze ban for serving a 'clearly intoxicated' man Southland businesses join forces to empower women New Zealand Nature relocating to Auckland, leaving some staff redundant A dog's best friend - Geoff Bowers' journey from SAS to dog centre owner Indian immigrant worked for more than a year with no pay James Kemp: Getting your head around branding The Misprint Co turning waste paper into notebooks Womad stallholders stoush a health and safety issue Californian to recreate homeland's arty, surfer vibe in 'NZ's Napa/Silicon Valley': Martinborough Ask the expert: where to go for funding

Former Auckland property developer Jamie Peters has been discharged from bankruptcy by the High Court.

Peters was adjudicated bankrupt in 2009 with debts of more than $180 million and was due to be discharged in October 2012.

He is a cousin of NZ First leader Winston Peters.

The Official Assignee (OA) had sought to extend the bankruptcy for another three years to October 19, 2015, after it was discovered Peters had access to large amounts of money through friends, former business partners and his wife.

Peters earlier admitted receiving about $150,000 from Michael Skates, a former used-car salesman and director of several of Peters' former companies, which was initially not declared.

He used the money for living expenses and an $18,000 diamond ring for his then-fiancee.

Peters responded to the bid for an extension with an application for discharge. While the OA opposed the application, none of Peters' creditors did.

The OA argued that Peters had displayed a lack of concern for the financial interests of others, had continued to conduct business through several entities nominally controlled by others, and had failed to cooperate fully.

Peters contended that the OA was motivated primarily by a desire to punish him, but there was no basis for maintaining the bankruptcy.

In his decision made public yesterday, Associate Judge David Abbot said the OA had relied on largely circumstantial evidence to support its bid for an extension to Peters' bankruptcy.

"On the evidence before the court, I am not persuaded that there is sufficient reason to impose any further sanction, nor that discharge now will create an unmanageable risk to the business community."

Ad Feedback

- BusinessDay

Special offers
Opinion poll

Do you feel better off than at this time last year?

Yes

No

In some areas yes, others no

Vote Result

Featured Promotions

Sponsored Content