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Bankrupt sentenced for managing companies

A bankrupt has been sentenced to 262.5 hours of community service for managing companies without permission.

Grant Norman King was sentenced in Waitakere District Court today, after pleading guilty in June to two charges of managing a business without the consent of the Official Assignee.

King, 56 of Auckland, managed two businesses, NZ Sleepouts and NZ Kennels. King was adjudicated bankrupt on 14 October 2010.

The charges were laid by the Ministry of Business, Innovation and Employment.

It is illegal to own or manage a business whilst bankrupt without the permission of the Official Assignee. The maximum penalty per offence is up to two years imprisonment and fine of up to $5,000.

 

Last updated 31 July 2012