Trinity tax-scheme architect Garry Muir has avoided bankruptcy after Bank of New Zealand was repaid and the action against him withdrawn.
The bank launched the proceedings against Muir after being awarded a $160,000 judgment against him and Justitiae Trustee Company last August. The BNZ has also applied to wind up the company, which is the trustee of Carbon Trust.
The bankruptcy application yesterday came before the High Court's Associate Judge Jeremy Doogue, who was told the debt had been repaid before Christmas.
Associate Judge Doogue then allowed BNZ to withdraw its application.
According to the August ruling in the BNZ's favour, Muir had guaranteed the debt of the Carbon Trust to the bank.
