UPDATED: Serepisos bankruptcy hearing adjourned

UPDATED 12:25pm: A summary judgment application sought by Davidson Armstrong & Campbell Nominee Co against Mr Serepisos has been adjourned until August 1.

The company is an arm of Waipukurau law firm Davidson Armstrong & Campbell. The company's website said it invested only in first ranking registered mortgage securities, in a mix of residential and commercial property.

11:15am: South Canterbury Finance has joined bankruptcy action as a supporting creditor, but the collapsed finance company agreed with the motion to adjourn proceedings until August 15.

Receivers reports out today state Mr Serepisos 79 Manners Street owed South Canterbury, secured by a range of second mortgages, $27 million.

Liquidation proceedings brought by Monvie Apartments Body Corp No 366020 against Century City Courtenay have been discontinued.

10:50am: Liquidation action brought by Peck Consultants against Century City Investments has been settled and the application struck out.

10:15am: Bankruptcy proceedings brought by Canterbury Mortgage Trust against Terry Serepisos have been adjorned until August 15.

10am: The four Terry Serepisos matters in Wellington High court today - including a bankruptcy hearing - are being heard by an associate judge very familiar with the Wellington developers’ money woes.

Associate Judge David Gendall is presiding, the same judge who heard a string of liquidation hearings brought by Inland Revenue against five of Mr Serepisos’ companies.

In those hearings - part-settled after Mr Serepisos with a $4 million loan from Mark Dunajtschik- Associate Judge Gendall was sharply critical of Mr Serepisos’ repeated failure to settle his debts.

The outcome of today’s hearings could have significant ramifications for Mr Serepisos’ Wellington property empire and his Phoenix football club.

Bankruptcy would disqualify Mr Serepisos from being a director and likely cut off the cashflow required to keep the Phoenix running, and Century City Investments, facing liquidation proceedings brought by Peck Consulting, owns the waterfront ASB Tower.

Wellington property developer Terry Serepisos is set for a busy day in the Wellington High Court today, with four different proceedings against him.

First up, FM Custodians Ltd has sought to bankrupt him over a $5 million debt.

Its application relates to loans it made to Mr Serepisos' New Millennium Design and Century City Developments companies. Mr Serepisos owed the money because he had personally guaranteed both loans.

The initial loans were for more than $6 million, about $5 million of which was still owed.

There are also separate proceedings in court today against two of Mr Serepisos' other companies.

Peck Consultants wants Century City Ventures to be placed in liquidation, while Monvie Apartments Body Corp No 366020 has taken similar action against Century City Courtenay.

Peck is owed $135,218.30.

It is unclear how much Monvie is allegedly owed, or what its exact relationship with Century City is, but the Monvie apartment block is located just metres away from Mr Serepisos' Century City Hotel.

Century City Courtenay is a registered New Zealand company whose sole director is Mr Sereposis. He is also sole director of Century City Ventures.

If all that were not bad enough, Davidson Armstrong & Campbell Nominee Co Ltd is seeking a originating application or summary judgment against Mr Serepisos.

The company is an arm of Waipukurau law firm Davidson Armstrong & Campbell. The company's website said it invested only in first ranking registered mortgage securities, in a mix of residential and commercial property.