It has been learned that the property developer Andrew Krukziener has offered his creditors a sum of around $350,000 for the $50 million debt he owes them in an attempt to avoid bankruptcy. It is to be mentioned here that a four day hearing has begun in the High Court at Auckland to consider the proposal.

As per a statement that came from the Krukziener's lawyer Greg Blanchard, 18 of the 22 creditors had voted in favor of it which is a very good sign for the property developer. But it may be noted here that one of the major opposition is coming from the door of the Inland Revenue Department, which wants to bankrupt Mr Krukziener.

The department had earlier said that it has claim of over $6m in taxes but Krukziener disputes this figure.

As per the proposal made by the developer, the sum will be paid during the next 54 months and his lawyer has also said that it is better for the investors if he continues doing business rather than going bankrupt. He has been in the real estate business for the past 25 years.