Auckland property developer Andrew Krukziener withdrew his application to gain court approval for a creditors' proposal this morning and will now try to settle the matter out of court.
Krukziener is facing a bankruptcy application by Inland Revenue that claims it is owed $6.2 million.
A hearing on those proceedings will be heard in December in the High Court at Auckland.
Krukziener's lawyer Bruce Stewart, QC, said his client would try to reach an agreement with all his creditors before the December 16 hearing and settle out of court.
Stewart said an informal creditors' proposal does not need court approval if all creditors' are on board.
Previously 70 per cent of Krukziener's creditors had agreed to the proposal that would pay them out a collective amount of some $320,000 from a $47 million debt.
Krukziener will need IRD to agree to his proposal in order to avert bankruptcy.
Krukziener drops creditor proposal, hopes for settlement
Andrew Krukziener. Photo / Greg Bowker
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