Hawke's Bay firms caught up in Serepisos saga

Two businesses with links to Hawke's Bay are owed money by Terry Serepisos, the besieged property developer and owner of soccer team Wellington Phoenix.

A nominee company of Waipukurau law firm DAC Legal (Davidson Armstrong & Campbell), is attempting to bankrupt Serepisos.

A summary judgement against Mr Serepisos was adjourned in the High Court at Wellington on Monday.

Justice Gendall heard that the summary judgement proceeding was only served on Mr Serepisos on July 8, but no verifying affidavit from the DAC Legal nominee company was presented in court.

The judge said there was no alternative but to adjourn the matter until August 1 for an affidavit of service to be filed and the necessary time to lapse.

Mr Serepisos' lawyer, Chris Chapman, said Mr Serepisos had no opposition to the summary judgment application.

Mr Serepisos did not appear in court.

Meanwhile, chairman of directors for Midlands Mortgage Trust, Preston Bulfin, told Hawke's Bay Today Midlands had "a couple of loans" related to Serepisos or related entities, but the impending sale of two Wellington apartments "would take them out of arrears".

The actions continue a two-year saga of creditors chasing the property tycoon, the "boss" in the 2010 New Zealand TV series The Apprentice.

By the time Mr Serepisos starred in The Apprentice, his business life was already in trouble. He has successfully staved off a string of creditors with a diminishing empire.

In a June 30 receiver's report on Maison Property Holdings and 79 Manners Street, receivers said over $59 million was owed. The receivers were appointed by Equitable Mortgages, which was itself in receivership.