This sounds more like an attack of the water borne oomycete Phytophthora (a water mould). If the leaves have suddenly started falling off, and the bark is falling away this is quite typical of this disease, and I am sorry but there is nothing you can turn to save your tree. I suggest you cut it out and try and remove the stump, and don't plant any Meryta in that area again. This disease is common in Auckland (it killed all of my trees in 1998)