Serepisos avoids bankruptcy - again
Terry Serepisos looks to have staved off bankruptcy proceedings - again.
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Terry Serepisos has avoided bankruptcy – again.
The embattled Wellington property developer looks to have come to an agreement with FM Custodians, who had sought to bankrupt him over personal guarantees he made on loans to two of his companies, New Millennium Design and Century City Developments.
NBR understands the initial loans were for about $6 million, about $5 million of which was still owed.
Associate Judge David Gendall was told in the Wellington High Court this morning that both parties sought an adjournment to this Friday, August 19, as an agreement for payment had been reached at 9.30am this morning.
However, due to the timing of the agreement, and that one of FM Custodians' lawyers was caught in snow in Christchurch, it had not been finalised.
Lawyers for South Canterbury Finance, which joined the proceedings last month as a supporting creditor, supported the proposal.
Associate Judge Gendall granted the adjournment to review the position regarding settlement.
Colin Williscroft
Mon, 15 Aug 2011
Mon, 15 Aug 2011
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Serepisos avoids bankruptcy - again
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