Serepisos gets one more day
Terry Serepisos, one-time star of TV's The Apprentice, dodged liquidation this morning - thanks to a mysterious $4 million cheque.
Terry Serepisos, one-time star of TV's The Apprentice, has narrowly escaped liquidation in the High Court in Wellington this morning.
Five companies owned by the troubled developer were the subject of proceedings heard today over more than $4 million owed to plaintiffs IRD and ACC.
Justin Toebes, acting for Mr Serepisos said a $4 million cheque from "external source" has been paid onto his lawyer's trust account.
Mr Toebes sought several weeks' grace but Associate Judge David Gendall only gave the developer an adjournment until 9:45am tomorrow to clear all his debts.
The result of tomorrow's hearing will have ramifications for Wellington's property market and New Zealand Football. One of the companies named runs the Wellington Phoenix A-League team, while other companies on the block own nearly $100 million worth of office towers and apartments in the capital.
Mr Serepisos has 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 on Friday April 15.
MORE TO COME
Rob Hosking and Matt Nippert
Mon, 18 Apr 2011
Mon, 18 Apr 2011
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