Auckland businessman Alex Swney has been declared bankrupt, a month after being jailed for fraud and tax evasion.
The Inland Revenue Department successfully sought the bankruptcy, with a judgement of $3.8 million owed by Swney in unpaid taxes and penalties.
The bankruptcy is now in the hands of the Official Assignee.
The High Court in Auckland was told last month that Swney had or would repay $330,000, and that little more appeared to be available.
Swney was jailed for a total of five years and seven months on all charges.
He is still being sued by the downtown promotion agency Heart of The City, which he founded and led for almost 20 years, until admitting last year, he had been taking money using false invoices.