A former NBR Rich Lister once valued at $60 million has less than a month to come up with a proposal to creditors as he looks to stave off bankruptcy, including an application from his wife.
Michael Anthony McGurk, best known as the founder of the Spa and Pool Factory, was on the Rich List as recently as 2008.
Since then his fortune has taken a hammering, with his property development company Oasis Properties being put into receivership and liquidation last year.
Former NBR Rich Lister and fallen businessman Michael McGurk will have to “start again” should he lose a case brought against him by Hanover Finance.
Mr McGurk appeared in the Auckland High Court this week to defend himself against the finance company which was seeking an order to sell what he called his family home.
Hanover wanted to sell the house to get back more than $9 million it claimed Mr McGurk owed it.
NBR Rich Lister Michael McGurk says he expects to settle a tax dispute with Inland Revenue that is at the centre of a petition to liquidate his development company Oasis Properties.
Mr McGurk says his company is well entitled to claim the GST at the centre of the dispute, which related to a sum Oasis had not been paid by a client.
The court case had previously been adjourned amid settlement discussions, property specialist Bob Dey’s news site shows.
Oasis has been involved with a planned hotel development of Dunedin’s BNZ building and the Taupo Spa Hotel.