Developer pursued by IRD

Ferrari-driving property developer Andrew Krukziener is being chased by Inland Revenue for $635,000 - for 18 months' work at one of his companies.

The authority has applied to the High Court at Auckland to put into liquidation one of the 63 companies in which Mr Krukziener is a shareholder.

Mr Krukziener would not comment last week, nor would lawyers acting for Inland Revenue.

But in papers filed last week, the department says it wants $433,293 in assessed tax and $201,877 in penalties.

It is seeking the money as income tax owed by "trustees of the National Insurance Partnership Trust". In the papers, it states the company is a trustee of the trust.

It is not the first time Inland Revenue has taken on Mr Krukziener over unpaid tax - and in previous cases Mr Krukziener has played chicken and won.

In two previous cases, Inland Revenue applied to put a number of Mr Krukziener's companies into liquidation, only to have him take the step voluntarily before court orders were issued.

When a shareholder, rather than creditor, puts a company into liquidation, they get to choose the liquidator.

Mr Krukziener is listed as having eight companies in liquidation and two in receivership. The latest liquidators' reports for some of the companies show Glen Innes Ltd owes $499,514, AK No.7 Ltd owes $779,467, and Oppurtunity Ltd owes $609,356.

Debts for the remaining companies are not listed, although they show less than 20 cents in each dollar owed was returned to creditors.

- HERALD ON SUNDAY