The owner of collapsed large retailer Smiths City has been declared bankrupt.
Colin Ashley Neal was adjudicated to be bankrupt by Justice Rob Osborne at the High Court at Christchurch just after 10am on April 1.
Bankruptcy proceedings were called by Tower Rail Precinct Limited against Mr Neal over a breach of contract.
His plight follows Smiths City going under, owing many unpaid creditors more than $26million.
More than 200 creditors were found to be owed money after liquidators Colin Gower and Diana Matchett from BDO Christchurch examined the company’s assets and debts in their first report.
They believed it unlikely, at that stage, unsecured creditors would see their money back.
Initially put into voluntary administration,…