Serepisos bankruptcy application in court

Photo / NZ Herald

Wellington Phoenix owner and property tycoon Terry Serepisos legal woes continue today, with a bankruptcy proceeding against him due in court.

FM Custodians Ltd, acting for the frozen Canterbury Mortgage Trust, is seeking to bankrupt Mr Serepisos over a $6.1 million loan which he personally guaranteed.

Mr Serepisos last month avoided the liquidation of several of his companies by the Inland Revenue Department and ACC over unpaid taxes and ACC levies.

He owed more than $3.5m to the IRD, including PAYE and KiwiSaver contributions for Phoenix players.

ACC was also owed more than $355,000 by the Century City football company and $95,000-plus by Century City Developments.

Mr Serepisos had said he was negotiating a US$100 million rescue package from controversial offshore lender Western Gulf Advisory.

The application is set down for the High Court in Wellington this afternoon.

- NZPA