After a quick three years in bankruptcy, former finance company boss Rod Petricevic is in the clear - well, almost.

He is still banned from acting as a director of a company and is facing criminal charges in the High Court relating to the collapse of Bridgecorp.

But, after Bridgecorp collapsed in 2007 leaving 14,000 investors without their savings of about $450 million, a decision has been made to not extend the period of bankruptcy.

Insolvency and Trustee Service manager David Harte said the ban and the charges faced by Petricevic were factors in deciding not to pursue an extended bankruptcy period.