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Sept. 28 (BusinessDesk) – Terry Serepisos, the backer of the Wellington Phoenix football team, forked out $261,000 in unpaid levies to the Accident Compensation Corp. after the government insurance scheme threatened to call in the liquidators.

An adviser to the football club’s owner told a media conference in Wellington a bank cheque was in the mail after it missed a $60,000 payment at the end of August in its agreement to whittle down debt which had accumulated over several years. A spokesman for ACC distributed statements confirming the payment had been made and the legal action dropped.

The missed payment was due to the “vagaries of cashflow,” David Whyte, director of accounting consultants Whyte Group told reporters. He declined to elaborate, and Phoenix communications manager John Mitchell said Whyte was only cleared to comment on the ACC arrangements.

Full report at Scoop Business >>

Also see ACC's press release on the repayment.

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