Terry Serepisos. Photo / Greg Bowker
Troubled Wellington property tycoon Terry Serepisos stated his absolute commitment to repay a debt of more than $3.5 million in an affidavit filed in court today.
This morning the High Court at Wellington heard an application from the Inland Revenue Department (IRD) to liquidate five of Serepisos' Century City Companies.
The companies are: Century City Investments Limited, Century City Football Limited - which owns the Phoenix A-League soccer club - Century City Developments Limited, Century City Management Limited, and Century City Hunter Street Limited.
Serepisos was not in court for this morning's hearing but filed a sworn affidavit this morning stating his absolute commitment to repay what he owed the IRD and the ACC in tax and penalties.
In his affidavit, he pointed to an agreement of an offshore loan worth US$100 million but he added that this had yet to be received.
In addition Serepisos listed a number of properties as security to cover the debt, including apartments, carparks and two residential properties in Roseneath.
Representing Inland Revenue, lawyer Rocky Meng questioned Serepisos' proposals.
He said the IRD Commissioner had sought confirmation of the US$100 million loan and had no confidence that it would come through.
He also questioned whether the securities listed in the affidavit were sufficient to cover the debt.
Meng added that the company that owned the carpark already had substantial issues with debt.
In response, lawyer Jusin Toebes - representing the defendants - reiterated Serepisos' total commitment to repayment.
He said if the securities were insufficient more could be added. He sought an adjournment for six weeks, which was opposed by the IRD.
Justice David Gendall adjourned proceedings until Thursday morning but sent a strong message that these matters had already taken considerable time.
Justice Gendall said he was concerned that Serepisos' companies were continuing to trade, and in doing so were potentially becoming weighed-down by further debt.
