NZ Property developer bankrupted over $100 Million debts

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New Zealand Herald reports:

Influential property developer Jamie Peters is bankrupt.

The ex-NBR Rich List Aucklander, who is related to Winston Peters and says he has bought and sold real estate worth more than $1 billion, was declared bankrupt in the Auckland High Court after an application was filed by Marac Finance.

Marac was seeking $3 million in outstanding debt.

But yesterday, Peters said a $100 million debt brought him down.

Peters appeared on the Rich List in 2005 with $40 million and in 2006 with $45 million. His Starline Group was involved in large developments around Auckland’s CBD, in Wellington and on northern waterfront land.

“I am exposed to personal liability for debts in excess of $100 million as a direct function of the current global credit crisis which I simply do not have the ability to repay,” Peters said yesterday.

“This issue has similarly affected other individuals involved in development, as well as large organisations such as my primary funder Bank of Scotland International [BOSI].” Read more

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