Serepisos liquidation proceedings adjourned

Terry Serepisos. File photo / Natalie Slade

Troubled Wellington property tycoon Terry Serepisos has had High Court liquidation proceedings adjourned until March 7.

Five of his Century City companies, among them the one that owns the Phoenix A-League soccer club, were due in court today as part of an Inland Revenue claim to liquidate them for not paying a debt of more than $3.5 million in tax and penalties.

On Friday, it was reported further bankruptcy notices had been issued against the businessman, who said they were the result of a personal vendetta and he had always promised to pay the money.

FM Custodians applied for the bankruptcy notices which were issued in the High Court at Wellington on Friday.

Mr Serepisos has two weeks to figure out how to pay over $6 million or face bankruptcy.

- NZPA