The deadline for Bridgecorp founder Rod Petricevic to come up with $576,000 and avoid bankruptcy proceedings passed last night with no sign of the funds.
Petricevic had until 5pm yesterday to deposit the money - the amount owed to the failed finance company's receivers for his personal taxbill - in a High Court trust account.
Failure to do so meant a stay preventing the receivers from pursuing bankruptcy against him expired.
Receiver Colin McCloy said last night that to the best of his knowledge the money had not been deposited, but he had not heard from either Petricevic or his lawyers.
If he had deposited the money, then that was a good recovery for Bridgecorp creditors.
"If he hasn't, we will vigorously pursue bankruptcy," McCloy said.
Petricevic has told the court he is insolvent. But in his decision last week, Justice John Priestley was not convinced about Petricevic's situation, noting the paucity of financial information he had put before the court.
Petricevic earned $4 million in the the three years to last year, and received total advances from his family trust of $4.9 million.
"He is able to access money when he needs or wants it, whether from the trust or assets he has not fully disclosed," Justice Priestley said.
"If I am wrong then he is insolvent, and the sooner he is adjudicated the better."
The next step for the receivers is to file an application for bankruptcy. The court then gives Petricevic a minimum of 10 days to respond.
The former Bridgecorp boss could be adjudicated as a bankrupt within as little as three weeks.
