It's reported that the founder of failed finance company Bridgecorp, Rod Petricevic has failed to pay his personal tax bill on time and bankruptcy proceedings are now on the cards.
Both The New Zealand Herald and The Dominion Post report it appears Rod Petricevic had not deposited the $650,000 owed into a High Court trust account by 5pm on Tuesday.
The receiver says it will vigorously pursue bankruptcy if the money is not there.
PricewaterhouseCoopers says the money is owed as recompense for Bridgecorp paying Mr Petricevic's tax in 2006.
Mr Petricevic earlier told the court he was unable to pay creditors, despite earning $4 million in the three years to last year, and receiving $4.9m in advances from a family trust.