Serepisos no longer bankrupt

Terry Serepisos. File photo / NZPA

Terry Serepisos has been discharged from bankruptcy today.

The former reality TV host, Wellington Phoenix owner and property developer is now free to be a company director and travel overseas.

It comes on the same day Serepisos appeared in court in Wellington in relation to child support payments.

Declared bankrupt in 2011 owing about $203 million, Serepisos was due to be discharged on October 7.

But he experienced a setback when the Official Assignee, which manages personal insolvencies, last month objected to his release from bankruptcy.

Serepisos, however, provided more information to the Assignee after returning to New Zealand from Greece, so the objection was dropped.

"As a result of the Official Assignee's additional enquiries, the concerns which prompted the objection to his discharge have now been satisfied," a Ministry of Business, Innovation and Employment spokeswoman said this afternoon.

MBIE said the administration of Serepisos' bankrupt estate was satisfactorily completed so there was "no reason" for the objection to remain in force.

"The formal discharge has released Serepisos from all provable debts in his bankruptcy and he is no longer under any restrictions previously placed upon him by the Insolvency Act 2006," the spokeswoman added.

The restrictions gave the assignee control of Serepisos' bank accounts and the power to withdraw money to pay creditors.

He also needed permission to travel overseas, and was not allowed a car worth more than $5000.Mr Serepisos' lawyer, John Langford, said he was told today the Official Assignee was withdrawing its objection. "Once that happened the discharge was automatic," he said.

Shortly after the Assignee filed papers in the Wellington High Court, Serepisos was last month arrested at Wellington Airport for allegedly missing child support payments.

In relation to the child support matter, he first appeared at Wellington District Court on September 23. He re-appeared in the Family Court today.

Inland Revenue was deciding if Serepisos' 81-year-old mother should appear as a witness in that case.

At today's hearing, Judge Mary O'Dwyer gave the Inland Revenue a week to decide whether any other witnesses were to be summonsed.Mr Langford said his client's mother was 81 and had limited command of the English language "but if Inland Revenue want to do that, that's up to them".

Inland Revenue's lawyer Tim Lancaster said the department was yet to decide. Some of her financial details, including bank statements, had already been provided to the court.

Serepisos was not immediately available for comment. He will reappear in court on November 25.