He has blamed the collapsing Auckland property market for his financial woes, but hoped to trade himself out of the quagmire once the real estate market rebounded.
Li was made bankrupt in July by order of the High Court after an application by Carters building supplies company.
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.
Carters demanded repayment in March 2023 and launched legal…