Sth Canty takes over Serepisos bankruptcy proceedings
South Canterbury Finance has taken over the bankruptcy proceedings against Terry Serepisos that were begun by FM Custodians.
South Canterbury Finance (SCF) has taken over the bankruptcy proceedings against Terry Serepisos that were begun by FM Custodians.
Both FM Custodians and supporting creditor Southern Receivables withdrew from the bankruptcy proceedings against Mr Serepisos in the Wellington High Court this morning, after their debts were settled.
However, fellow supporting creditor SCF was granted the right to take over the proceedings by Associate Judge David Gendall.
SCF is owed about $18 million from Mr Serepisos but how much of that amount is secured is the subject of ongoing discussions.
Also in court as a supporting creditor was Equitable Mortgages, which like SCF is in receivership.
Equitable Mortgages is owed about $9.8 million by Mr Serepisos.
Part of that amount was secured against a mortgage on property at 175 Victoria Street, Wellington, which is the subject of an unconditional sale offer of $4.3 million, leaving a shortfall of about $4.5 million.
Associate Judge Gendall adjourned the hearing until August 29.
He turned down an application by SCF to be able to bring proceedings before the court on 24 hours notice.
Colin Williscroft
Fri, 19 Aug 2011
Fri, 19 Aug 2011
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Sth Canty takes over Serepisos bankruptcy proceedings
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