Mr Myles (52), trading under Tolcarne Partnership, successfully petitioned the High Court of Dunedin and was adjudged bankrupted on Tuesday this week.
His occupation at adjudication was listed as ''co-director/consultant'', with present employment status as ''currently unemployed''.
Messages were left for Mr Myles yesterday, but he did not return calls. A case officer with the Insolvency and Trustee Service, under the Ministry of Economic Development, was contacted about further details on the petition, but was unable to respond in time for publication. It is unknown if there are debts and creditors involved in the proceedings.
Records at the Companies Office show 30 companies of which Mr Myles was either a director or shareholder, but he has since ceased being involved with 27 companies, many of which are historical.
He remains a director and shareholder of Aquarius Trustees Number 274400 Ltd, incorporated in 2006, is a director of C2IT Ltd, which was incorporated on October 15 this year, and remains a 50% shareholder of the 1999 incorporated Britannia Management Ltd, but has ceased being a director of that company. Britannia Management Ltd was the company which managed the failed Victoria Property Fund, which had 126 investors who had $4.65 million in shareholder capital in the fund.
Exact investor losses have never been disclosed.
When the Victoria fund failed, several shareholders contacted the ODT over lost capital amounting to hundreds of thousands of dollars. The Victoria fund had became involved in a commercial real estate development in Richmond, near Nelson, which had been separately purchased in 2005 for $5.25 million, before the Victoria fund started.
The development ended up as the fund's main asset. The Richmond development became mired in cost overruns and delays, and was eventually taken over by Heartland Bank (at the time a finance company) for mortgagee sale.
