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City Councillor Relieved with Bankruptcy
MEDIA RELEASE
DATE: 24 FEBRUARY 2019
City Councillor Relieved with Bankruptcy
Invercargill City Councillor Karen Arnold said she was relieved to have been adjudicated bankrupt, in a decision she received from Associate Judge Dale Lester on Friday.
“It was wonderful to wake up on Saturday morning knowing my costs awards for Stuff Ltd and Sir Timothy Shadbolt - totalling around $370,000 - had been wiped.
“While I argued vigorously not to be made bankrupt so I could continue to pay my other unsecured creditors and act as a company director, the reality is it would have been very difficult to pay off the debt I incurred defending my reputation."
Cr Arnold, who can continue to serve as a city councillor, said she was disappointed she would not be able to continue as a director on the boards of Electricity Invercargill Ltd (EIL) and PowerNet.
“But it’s by no means the end of the world. Bankruptcy is just a 3-year blip during which I get to reset and enjoy a future without debt."
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