SWIMMER Nick D'Arcy made numerous attempts to reach an arrangement over debts totalling $800,000 before declaring himself bankrupt, his trustee said yesterday.
The trustee, Robert Whitton, said D'Arcy petitioned his own bankruptcy when it became apparent Simon Cowley intended to force it.
D'Arcy was dumped from the 2008 Beijing Olympic team after an altercation with Cowley in a Sydney nightclub.
He was given a 14-month, 12-day jail sentence fully suspended after conviction for inflicting grievous bodily harm.
Cowley, who was left with a shattered cheekbone, was awarded civil damages of $180,000 this year.
With costs and interest he is now owed about $380,0000.
D'Arcy, a 24-year-old medical student, filed for bankruptcy on November 30, listing his father and Cowley as creditors.
Mr Whitton said yesterday that there was no doubt about the veracity of the debt owed D'Arcy's father Justin, a Sunshine Coast surgeon.
"His parents funded his defence," Mr Whitton said.
"It (the loan) was properly documented over time."
Mr Whitton said it was very unlikely that he would withhold D'Arcy's passport, preventing him from contesting the 2012 London Olympics.
He said a successful Games could bring D'Arcy financial reward which could then allow payment to creditors.
D'Arcy would be required to make payments to creditors after he reached an after-tax income of $47,000.
Bankrupts must surrender passports to their trustees and then request them when needed.
D'Arcy would be discharged from bankruptcy after three years.
He did not answer the Daily's call yesterday. Dr D'Arcy was contacted but declined to comment.
Mr Whitton said he expected within the week to report to creditors.
"He is a young man who doesn't have much in the way of assets who has had a significant personal judgment against him," he said.
"He made a number of offers to settle the matter for sums he could access.
"Those were rejected."
Mr Cowley's lawyer Sam Macedone told Channel Nine on Tuesday night that bankruptcy was "just a way of walking away from this whole mess and this debt and this judgment that he owes".
"I would have thought that he would have had the courage at least to try to speak to Simon and try and negotiate something with him, whatever it was," he said.
Mr Macedone, who did not respond to questions from the Daily, told AAP yesterday that an offer of $25,000 had been made.
"Out of $380,000, he offered $25,000," Mr Macedone said.
"That wasn't an offer, that was an insult."