Rolling with the punches

Andrew Krukziener says he values himself by his family and colleagues, not by money. Photo / Janna Dixon

In a candid interview, property developer Andrew Krukziener has told the Herald on Sunday how bankruptcy has not ruined his life or career.

Krukziener declared himself bankrupt in December last year, after a long-running battle with the Inland Revenue Department, owing creditors $47 million.

He said he had not let it stop him getting on with life.

He was project managing two Queen St developments at numbers 350 and 396, and had some projects coming up at Princes Wharf and Commerce St. The 350 project began before the bankruptcy, and 396 began this year.

The bankruptcy meant Krukziener was not allowed to be a director of a company or borrow money to fund projects so he did not have any ownership in the projects.

Krukziener resigned his directorships in 85 companies, but his wife, Gitta Saidi, remained a director of 74 of them. He was contracted by project investors AQM as general manager of the firm he founded, Krukziener Properties, to manage the developments.

At his peak, the company was responsible for more than 90 projects worth more than $1 billion.

Now, as an employee, he said he had not been changed by the events.

"I guess when you are bankrupt, nothing changes in terms of you as a human being, it's merely a financial state usually brought on by external circumstances."

But he said the financial fall from grace did upset him.

"There's no question: when you fight for seven years to not have something happen and it happens, are you upset by it? Sure, absolutely."

But he said he had an optimistic nature and he looked at it in the context of his family history - having had Jewish ancestors gassed in World War II.

"We're lucky to be healthy and alive and living in a beautiful country. If this is the worst thing that ever happens to me I'd be very happy."

Krukziener said his wife had been fantastic throughout the bankruptcy.

"My wife and family have always been very supportive."

He said Saidi had suggested he declare himself bankrupt long ago rather than continuing to fight.

"She saw the toll that fighting was having on me."

He said that when they first got together 11 years ago, he told her he would either be bankrupt or everything would change dramatically - but she didn't mind.

"She said, 'I'm here because of you, not for any other reason'."

Krukziener said people in the industry understood why he went bankrupt.

"People who know the facts and know the truth and understand the situation don't hold what happened to me against me."

AQM director Greg Rathbun agreed everyone in the industry had a huge amount of respect for Krukziener Properties despite the bankruptcy.

Krukziener said he wasn't worried about what the public thought of him.

"I value myself not by money but by the way my family and the people who know me feel about me and value me."

But he was looking forward to having things like a credit card again.