There is no good reason for Jamie Peters' bankruptcy to be extended as he faces Official Assignee claims he still has control of significant assets and continues to manage businesses, says the ex-rich-lister's lawyer.
Peters, 42, is having his financial affairs probed in the High Court, after the OA opposed his automatic discharge from bankruptcy.
The proceedings, where the OA is pushing for Peters to stay bankrupt for three more years, were adjourned at the end of last week and are due to begin again on July 15 in Auckland.
The former property developer, in turn, is applying to be discharged from bankruptcy, and says he will pose no "illegitimate risk to the business community" if this happens.
"The extension of the bankruptcy serves no useful purpose. It appears to be primarily motivated by a desire to punish Mr Peters rather than achieve any benefit for creditors," lawyer David Chisholm QC said in written submissions to the court.