Who's up for bankruptcy on Monday?
Terry Serepisos will be declared bankrupt on Monday unless he can come up with a plan over the weekend to repay $5 million.
Terry Serepisos will be declared bankrupt on Monday unless he can come up with a plan over the weekend to repay $5 million.
Without a Word of a Lie has learned the proceedings in Wellington's High Court are being brought by Canterbury Mortgage Trust.
CMT chairman Don McBeath confirmed the scheduled court date and said it was a “full bankruptcy hearing.”
Mr McBeath said discussions with Mr Serepisos were ongoing but time was running short.
“We have no specific desire to see Terry made bankrupt, but we do have a specific desire to get our money,” he said.
"I guess it remains to be seen whether Terry can come up with a satisfactory proposal by Monday."
Without a Word of a Lie understands Mr Serepisos is still holding out hope of Western Gulf Advisory coming through with a promised $US100 million loan, and returned last week from a visit to their office in Bahrain.
WGA has since given Mr Serepisos a new deadline for the delivery of his loan of this Friday.
Last week Spanish authorities moved to place WGA's football team Racing Santander into voluntary administration after the dubious Bahrain and Swiss-based lender defaulted on payments.
Mr Serepisos did not return messages left by Without a Word of a Lie.
Matt Nippert
Wed, 13 Jul 2011
Wed, 13 Jul 2011
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Who's up for bankruptcy on Monday?
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