Scoop has an Ethical Paywall
License needed for work use Register

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


Serepisos bankruptcy bid on hold until Friday

Serepisos bankruptcy bid on hold until Friday as snow stalls negotiations

By Paul McBeth

Aug. 15 (BusinessDesk) – Wellington property developer and Phoenix owner Terry Serepisos will face bankruptcy proceedings on Friday after yesterday’s snow flurries stalled finalising an agreement with his creditors.

Counsel for creditor FM Custodians Ltd., Dianne Lester, asked Associate Judge David Gendall for a brief adjournment in the High Court in Wellington today so “further matters can be discussed” after yesterday’s snowstorm held up a settlement.

“Agreement has been reached and Mr Serepisos has performed the terms” though the unavailability of his creditor meant the deal couldn’t be finalised by the time court was sitting, Chris Chapman, Serepisos’ lawyer, told the court.

Judge Gendall adjourned the hearing until Friday morning “to review the position of an agreed proposed settlement.”

The supporting creditors, including South Canterbury Finance Ltd., had no objection to the delay.

The reprieve is the second for Serepisos, who had this bankruptcy bid pushed out for a month to try and reach a deal after failing to quash the proceedings in May.

Judge Gendall said at the July 18 hearing that the postponement would also give the creditors time to assess the value of Serepisos’ assets.

FM Custodians is trying to claw back the remaining $5 million owed on some $6.8 million of loans personally guaranteed by Serepisos. The outstanding balance is accruing annual interest of 17.25%.

The lender has already forced mortgagee sales on several properties and expects there may be a shortfall in excess of $2.3 million, the May judgement said.


Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

© Scoop Media

Advertisement - scroll to continue reading
Business Headlines | Sci-Tech Headlines

FMA: MAS To Pay $2.1M Penalty For Making False Representations

Following proceedings brought by the FMA, MAS has been ordered to pay a $2.1M penalty for making false and/or misleading representations to some customers. MAS admitted failing to correctly apply multi-policy discounts and no claims bonus discounts to some customers, failing to correctly apply inflation adjustments on some customer policies, and miscalculating benefit payments. More

IAG: Call On New Government To Prioritise Flood Resilience

The economic toll of our summer of storms continues to mount, with insurance payouts now topping $1B, second only to the Christchurch earthquakes. AMI, State, & NZI have released the latest Wild Weather Tracker, which reveals 51,000 claims for the North Island floods & Cyclone Gabrielle, of which 99% (motor), 97% (contents), and 93% (home) of claims have now been settled. More


Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.