Businessman Terry Serepisos faces a bankruptcy hearing in the High Court at Wellington today.
The property developer owes creditors $203 million and had been selling his assets to try to meet his large debts.
Mr Serepisos has offered an orderly sale of a $232.5m property portfolio to try and meet the millions of dollars of debt but creditors reportedly have not yet decided whether the proposal is acceptable.
The businessman has been selling off his assets over the last month and parted with a Ferrari car in the weekend.
The Ferrari F430 F1, set apart by a distinctive body and sharknose-like bumper, was sold in an auction for $204,500 on Saturday.
Mr Serepisos has also passed over control of his beloved soccer team the Wellington Phoenix.
A consortium of seven businessmen took over the team with a five-year contract on Friday.
The Welnix group is chaired by Kiwibank boss Rob Morrison and includes investor Gareth Morgan, Campbell Gower, Lloyd Morrison, Henry Tait, James Brow and Lib Petagna.
Creditors have also claimed possession of Serepisos' clothes and furniture.
