Property developer Andrew Krukziener has offered his creditors $350,000 for the $50 million debt he owes them in an attempt to avoid bankruptcy.
A four-day hearing has begun in the High Court at Auckland to consider the proposal.
Mr Krukziener's lawyer Greg Blanchard said 18 of the 22 creditors had voted in favour of it.
However, the most notable opposition was the Inland Revenue Department, which wants to bankrupt Mr Krukziener, claiming he owes it over $6m in taxes. Mr Krukziener disputes this figure.
The proposal is to pay his creditors $350,000 over the next 54 months.
Mr Blanchard said it would be better for the investors if he was able to continue doing business and was not bankrupted.
Mr Krukziener has been investing in and developing real estate for the past 25 years, during which he purchased, refurbished or developed more than 90 property projects with a combined value of about $700 million.
His financial difficulties began with the development of the Metropolis tower, which ultimately led him to lose $25 million, Mr Blanchard said.
Mr Krukziener is expected to give evidence tomorrow.
