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EARNINGS
Embattled Wellington property developer Terry Serepisos continues to stave off creditors, despite four applications against either him or his companies being heard in the Wellington High Court today.
Mr Serepisos had an application for bankruptcy and a further summary judgment against him adjourned, while two applications to put companies that he is sole director off into liquidation were either struck out or discontinued.
FM Custodians, along with supporting creditor South Canterbury Finance, agreed to adjourn bankruptcy proceedings against Mr Serepisos until August 15, so that ongoing discussions to put payment arrangements in place could be continued.
Associate Judge David Gendall also requested more information as to whether the value of securities held by FM Custodians was enough to cover the amount of money owed, believed to be about $5 million.
Mr Serepisos, who was not in court, was represented by Wellington lawyer Chris Chapman.
The court also heard that a debt owed to Peck Consultants by Mr Serepisos' Century City Ventures, which NBR understands was $135,218.30, has now been settled, with no issue of costs.
Similarly, an application by Monvie Apartments Body Corp No 366020 to have Mr Serepisos' Century City Courtenay placed in liquidation was discontinued, again with no issue of costs.
Finally, a summary judgment by Davidson, Armstrong & Campbell Solicitors Nominee Company, an arm of Waipukurau law firm Davidson Armstrong & Campbell, against Mr Serepisos was adjourned until August 1.
Associate Judge Gendall heard that the summary judgment proceeding was only served on Mr Serepisos on July 8, although there was no affidavit available to verify that.
"Under these circumstances, there is no alternative but to adjourn the matter until an affidavit of service is filed and the necessary time has lapsed," Associate Judge Gendall said.
Earlier, Mr Chapman said Mr Serepisos had no opposition to the summary judgment application.
Colin Williscroft
Mon, 18 Jul 2011
Mon, 18 Jul 2011
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