KEY POINTS:
The deadline has passed - and still there is no sign of the $576,100 that Bridgecorp founder Rod Petricevic has been ordered to pay.
The founder of the failed finance company had to come up with the money by 5pm today or face proceedings to bankrupt him.
The
amount is how much he owes Bridgecorp's receivers for a 2006 personal tax bill.
However, the man who earned $4 million in the three years to 2007 and who has received $4.9 million in advances from his family trust says he is broke.
When asked last night if the money had been forthcoming, Petricevic's lawyer Greg Jones said he did not comment on his client's affairs.
It's anyone's guess whether the former Bridgecorp chief executive will meet the deadline. If he does, it gives the lie to his claims of insolvency, and if he doesn't the receivers are highly likely to begin bankruptcy proceedings post-haste.
In September 2006 Bridgecorp paid his tax bill on the understanding it would be repaid out of salary and bonuses due to him in the year to June 2007.
But the receivers say despite Petricevic earning another $1 million in that period - including a $575,800 bonus payment in November 2006 - the debt was not repaid.
Last month they gained a High Court summary judgment ordering him to cough up. Petricevic is appealing against that order, and sought a stay of execution to prevent the receivers from trying to bankrupt him.
Last week Justice John Priestley awarded him the stay - with a twist.
Unless he deposits the $576,000 in a High Court trust account by five o'clock tonight, the stay expires.
The Herald understands Bridgecorp's receivers are eager to pursue Petricevic's financial affairs. Bankruptcy would allow them access to his financial records.
Insolvency law allows for gifts to trusts in the two years before a bankruptcy to be challenged.
The receivers are also pursing a claim against Petricevic under the Companies Act for $3 million in excessive earnings in his time at the helm of Bridgecorp. If they win and he is bankrupted, it would make Bridgecorp a bigger creditor.
Following last month's summary judgment, the receivers gained what's known as a writ of sale enabling bailiffs to visit Petricevic's $4.1 million Remuera Rd home. He told them the house was owned by the family trust.
Because the writ of sale produced a "nil" result, the next step is to begin bankruptcy proceedings.
The Petricevics' names appear on the records of numerous properties around Auckland, including four apartments and a Manukau City house, in addition to 253 Remuera Rd. Petricevic claims all the properties are trust-owned.