Bankrupt Krukziener in deal for Audi

Andrew Krukziener. File Photo / NZ Herald

Bankrupted property developer Andrew Krukziener arranged finance for a silver Audi on the same day he declared himself bankrupt, documents obtained by the Herald have revealed.

Mr Krukziener surrendered to Inland Revenue on Wednesday after a year-long battle over a $6.2 million debt. His assets are now with the Official Assignee. That same day he visited Continental Car Services in Newmarket to arrange finance for a 2003 Audi A8, according to documents on the Personal Property Security Register.

Similar cars sell for $15,000 to $20,000 but under bankruptcy rules a person can only own a car valued at up to $5000.

He told the Herald last night that the Audi would be used as a company car for 47 Customs Street Ltd and was for his brother-in-law who was moving to Auckland from Sydney. Mr Krukziener is not a director of 47 Customs Street nor is he listed as a shareholder at the Companies Office. The company's director is New South Wales-based Jeffrey Moss.

"It's not my car. I'm picking it up for him [brother-in-law] but it's not my car. I haven't bought it, I have not borrowed any money for it or signed a contract," Mr Krukziener said.

He owes his creditors a collective debt of $47 million and had initially planned to drip feed them $320,000 over a period. The deal needed to be sealed by the court but he withdrew the proposal a month ago in the hope of reaching a settlement out of court.

That did not happen and he handed himself over to the Official Assignee on Wednesday, a move which will cut into his lifestyle.

A bankrupt is also not allowed to incur credit over $1000 or leave the country without permission of the Official Assignee, or be a company director.

Any shares a bankrupt holds in private or listed companies can be sold by the Official Assignee to repay creditors.

Mr Krukziener's lawyer Bruce Stewart, QC, said his client might apply to be discharged from bankruptcy before the three year period was up.