The application related to a $225,000 debt.
A decision by Justice Lester says the debt was subject to a default judgment last year in the District Court.
It arose out of a personal guarantee Li gave in respect of his company Kumeu East Realty Ltd (KERL) for building supplies purchased on its Carters trade account.
Li argued the company could not pay Carters because of a fall in the Auckland property market.
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Carters demanded repayment in March 2023 and launched legal proceedings later that year.
KERL, described as a residential property development company, was placed in liquidation by the High Court in June last year after an application by Inland Revenue.
IRD refused to provide details about its…