The 60-year-old former refrigeration mechanic from Charlestown filed for bankruptcy in December with debts listed at almost $270,000.

Hunter Valley couple, Kim and Scott Waters, represented by barrister Stephen Ryan, won a civil claim against Ashard in Newcastle Local Court last year when Ashard agreed to repay them $75,000, plus legal costs, from one of his many failed ventures.

The Waters, of Lower Belford, took out a loan for $75,000, which they are still paying off, that was to go towards the development of a self-inflatable lifejacket being developed by Ashard.

For one group of investors the revolutionary life-saving device and an inflatable kids' rash vest was the sinkhole down which more than $1 million was lost.

The Waters were among more than a dozen people who spoke to the Newcastle Herald last year detailing their dealings with Ashard and how they lost money.

Since the 1990s, Ashard has been involved in 31 companies, taken out dozens patents and attracted scores of financial backers for a myriad of inventions that have gone nowhere.

Ashard told the Newcastle Herald he didn't know how much money was lost on his many inventions over decades.

He denied the inventions were "just rebadged" under different company names to attract new groups of investors and said they were "different inventions altogether".

Ashard told the Newcastle Herald he felt "bad" that so many people had lost money, but he didn't know what to do about it.

His only hope was if his new heating invention took off, he could raise enough money to pay everyone back.

But creditors will have no hope of any return now. Intellectual property firm Spruson and Ferguson is the largest creditor owed $120,000, the Waters are owed $75,000 and former long-time family friend Tara French is owed $20,000.

Ms French, whose late husband Harold was best mates with Ashard for decades, said she was glad with the outcome because Ashard would be prohibited from running companies for the next three years.

She said none of the investors expected a monetary return, but went public to warn others about dealing with Ashard.

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