Another life as Serepisos part-pays IRD – but judge not satisfied
Terry Serepisos part pays the taxman but judge keeps him on a tight leash.
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Five companies owned by embattled Wellington property investor Terry Serepisos narrowly escaped liquidation this morning.
The companies, owning two office blocks, several dozen apartments and the Wellington Phoenix football team, owed Inland Revenue and ACC nearly $4 million.
In a hearing yesterday Associate Judge David Gendall gave 24 hours for a mysterious cheque paid to Mr Serepisos' lawyers' trust account to clear and for funds to be transferred to the petitioning creditors.
The court heard this morning ACC had been repaid in full and the majority of the amount owed to the IRD had been paid.
Arrangements were made to repay the balance over six months. Both creditors sought leave to withdraw the liquidation proceedings.
Judge Gendall refused the IRD's application to withdraw proceedings for the two of Mr Serepisos' companies that still owe more than $800,000.
The judge said it was "not appropriate" for the IRD to withdraw given previous assurances about repayment of debt and failure to make those payments.
He said it was only by "a fine line" that he was not approving Century City Hunter St for liquidation.
The result of today's hearing will be a relief to Wellington property owners and football fans. One of the companies named runs the Wellington Phoenix A-League team, while others own nearly $100 million worth of office towers and apartments in the capital.
Mr Serepisos had publicly pinned his hopes of satisfying creditors on a $US100 million loan from the shadowy Western Gulf Advisory – but the lender has repeatedly missed payment deadlines, most recently yesterday.
Rob Hosking and Matt Nippert
Tue, 19 Apr 2011
Tue, 19 Apr 2011
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Another life as Serepisos part-pays IRD – but judge not satisfied
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