The receiver for failed property investment company Bridgecorp says founder Rod Petricevic should declare himself bankrupt if he is indeed broke.
But PricewaterhouseCoopers says it doubts Mr Petricevic is broke and is going after his assets.
Spokesperson Colin McLoy it has started bankruptcy proceedings against him to get to the bottom of the matter.
Bridgecorp collapsed last July owing 18,000 investors $500 million. Stockholders could get back as little as 13 cents in the dollar.
The bankruptcy move was prompted by Mr Petricevic's failure to meet a deadline of Tuesday to pay $650,000 into a High Court trust account to settle a tax bill.
PricewaterhouseCoopers says the company paid Mr Petricevic's 2006 tax bill.
Mr Petricevic denies he owes the money and says he is broke. The amount involved is $576,000, plus interest.
