Described on Precision Real Estate’s website as selling real estate since 1989 and having an impeccable reputation, David Greig remained bankrupt for fourteen years before the High Court in 2025 granted his discharge from bankruptcy, subject to a period of court monitored financial supervision. He disputes Insolvency Service warned him there was no exit from bankruptcy until he filed a statement listing all assets and liabilities.
David Robert Greig was bankrupted by Inland Revenue in 2011 for unpaid tax debts of $152,300. All up, creditor claims totalled $222,500. Unsecured creditors received nothing.
Insolvency Act allows automatic discharge from bankruptcy after three years. This three year period runs from the date a bankrupt files with Insolvency Service a statement of affairs listing all assets and liabilities.
Insolvency Service told the High Court Mr Grieg did not file his statement of affairs until December 2023, and then only after an Insolvency Service prompt nearly twelve months previously that he remained bankrupt until this information was supplied. Insolvency Service told the High Court Mr Greig had ignored previous reminders.
He denies receiving earlier reminders. Mr Greig says he presumed bankruptcy ended in 2014, three years from his 2011 bankruptcy adjudication.
The High Court was told Mr Greig travelled to Australia six times during his bankruptcy, in breach of Insolvency Act rules prohibiting overseas travel without Insolvency Service approval.
In both 2015 and 2022, Inland Revenue asked Insolvency Service to confirm that Mr Grieg as an undischarged bankrupt had Insolvency Service approval to be self-employed. He was claiming to be self-employed for tax purposes. The High Court was told he did not have approval.
Inland Revenue had become concerned about the level of tax debts being run up by Mr Greig. He was not responding to messages and emails, it said.
The High Court was told there are currently substantial tax arrears unpaid.
Having belatedly filed a statement of affairs in 2023 to comply with his 2011 bankruptcy, Mr Greig then sought High Court approval for an early discharge from his bankruptcy otherwise timed for automatic discharge in late 2026.
Associate Judge Cogswell approved an Insolvency Act conditional discharge agreed between Insolvency Service and Mr Greig.
Whilst no longer bankrupt, Mr Greig when working as salesperson with Takapuna-based Precision Real Estate must keep tax payments up to date, must bank tax withholding payments and GST obligations to a separate bank account and must have his financial affairs monitored by an independent accountant. This accountant must report every six months to the court and to Insolvency Service.
These special conditions expire in December 2026.
Greig v. Official Assignee – High Court (18.07.25)
25.166