The New Zealand High Court has declared Richard Yan bankrupt after the Shanghai businessman failed to come to the negotiating table in connection with more than NZ$60.9 million (US$36.6 million) he owes creditors of failed construction company Mainzeal.
Associate judge Grant Brittain adjudicated Yan bankrupt on Thursday, following months of failed efforts to chase down the former director of the Auckland-based firm.
Yan did not show up at a hearing despite advertisements the liquidators placed in newspapers in Hong Kong and mainland China after they were authorised in January to serve notice on the businessman, said Andrew McKay, a partner with business advisory firm BDO Auckland, which is responsible for winding up Mainzeal, in a…
