Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Liquidation of Serepisos' company winds up with $2M owing

Liquidation of Serepisos' Century City winds up with $2 mln owing to unsecured creditors

By Jonathan Underhill

March 7 (BusinessDesk) - The liquidators of former bankrupt Terry Serepisos's Century City group have completed their wash-up of the property development, retailing and sports management businesses with about $2 million owing to unsecured creditors, having concluded there were no voidable transactions that could have been challenged.

Liquidators Jeremy Morley and John Fisk of PricewaterhouseCoopers have sought to have the 13 companies removed from the register of companies, noting in their final report that their work had been made "somewhat more difficult given the poor state and age of records."

Serepisos had lived the high-life of a property developer, with luxury homes and sports cars, the licence for the Wellington Phoenix football team and sponsorship of the 2009 Wellington Cup at Trentham racecourse that saw him rubbing shoulders with Prime Minister John Key among others. His address at the time was given as 11 Robieson St in the upmarket Wellington suburb of Roseneath, but according to Companies Office records for Titanium Trust Management, which lists Serepisos as sole shareholder and director, he now lives in the more modest suburb of Miramar.

At the time of his bankruptcy in September 2011, his portfolio of about 150 residential properties and more than six commercial buildings was valued at $232.5 million with debts totalling $204 million. He was discharged from bankruptcy in October 2014.

As recently as September last year, the liquidators had indicated there were a number of potential recovery actions related to potentially insolvent and related-party transactions, but in their final report they said investigations had thrown up no voidable transactions or matters that warranted further investigation.

Secured creditors including ANZ New Zealand, Allied Finance, South Canterbury Finance, and Marac Finance were able to claw back some of their funds through the sale of property and discharge their claims, and little was left over for the liquidators. The only secured creditor still registered was Executive Laundry (Wellington), with a claim against Century City Accommodation.

Century City Football had held the A-League licence for the Wellington Phoenix club, which was relinquished to the Football Federation Australia in September 2011.

The liquidators report shows the football company had seven preferential claims from unsecured creditors amounting to $276,241 relating to unpaid wages and GST, and 11 from non-preferential unsecured creditors owed about $1.6 million. Neither group got what they were owed. The Inland Revenue Dept had a claim for unpaid GST of $60,391 against Century City Investments, while the remaining unsecured creditors were owed smaller amounts.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>

ALSO:

Snail-ier Mail: NZ Post To Ditch FastPost

New Zealand Post customers will see a change to how they can send priority mail from 1 January 2018. The FastPost service will no longer be available from this date. More>>

ALSO:

Property Institute: English Backs Of Debt To Income Plan

Property Institute of New Zealand Chief Executive Ashley Church is applauding today’s decision, by Prime Minister Bill English, to take Debt-to-income ratios off the table as a tool available to the Reserve Bank. More>>

ALSO:

Divesting: NZ Super Fund Shifts Passive Equities To Low-Carbon

The NZ$35 billion NZ Super Fund’s NZ$14 billion global passive equity portfolio, 40% of the overall Fund, is now low-carbon, the Guardians of New Zealand Superannuation announced today. More>>

ALSO:

Split Decision - Appeal Planned: EPA Allows Taranaki Bight Seabed Mine

The Decision-making Committee, appointed by the Board of the Environmental Protection Authority to decide a marine consent application by Trans-Tasman Resources Ltd, has granted consent, subject to conditions, for the company to mine iron sands off the South Taranaki Bight. More>>

ALSO: