Serepisos to face High Court over $3.5m IRD debt today

Terry Serepisos. Photo / Getty Images

Property investor and Wellington Phoenix owner Terry Serepisos returns to the High Court in Wellington today to fight off liquidation of five of his companies.

The Inland Revenue has sought the liquidation of Century City Football - which owns the Phoenix A-League club, Century City Hunter Street, Century City Investments, Century City Developments and Century City Management in order to recoup $3.5m in owed tax and penalties from Mr Serepisos.

The troubled businessman is pinning his hopes on receiving a US$100 million ($135 million) loan from Bahrain-based financial consultant Ahsan Ali Syed.

However if he can not show proof of the money this morning, he faces certain liquidation of his assets.

Mr Serepisos has said he had two other measures in place in case the money is not forthcoming and today may reveal what they are.

At his last hearing, Mr Serepisos produced a letter which prompted the IRD to agree to granting more time.

- Staff reporters with Newstalk ZB