INDEPENDENT NEWS

Official Assignee to oppose lifting Serepisos's bankruptcy

Published: Tue 23 Sep 2014 11:49 AM
Official Assignee to oppose lifting Serepisos's bankruptcy
By Paul McBeth
Sept. 23 (BusinessDesk) - The Official Assignee has filed papers in the High Court opposing the automatic discharge of high-profile property developer Terry Serepisos from bankruptcy next month.
The government agency, which administers all bankruptcies, filed a notice in the High Court in Wellington objecting to the lifting of Serepisos's bankruptcy, a spokesman said in an emailed statement.
"This means that he will not be automatically discharged from his bankruptcy when he becomes eligible for discharge on 7 October 2014 (being three years from the date he filed his Statement of Affairs)," the spokesman said. "As the matter is now before the court it is inappropriate for the Official Assignee to provide any further comment."
The objection was filed before Serepisos's arrest yesterday at Wellington International Airport at the behest of the Inland Revenue Department, which Fairfax Media reported as being over unpaid child support. Serepisos appeared at the Family Court in Wellington today.
The high-profile property developer, who was forced to relinquish his licence for the Wellington Phoenix Football club in Australia's A-League as his creditors circled in 2011, was adjudged bankrupt in September 2011 on application from South Canterbury Finance over a $22.5 million debt . He had failed to win a four-day reprieve to try to secure a US$20 million facility from a Hong Kong-based merchant bank.
At the time of his bankruptcy, his portfolio of about 150 residential properties and more than six commercial buildings was valued at $232.5 million with debts totalling $204 million.
(BusinessDesk)
BusinessDesk
Independent, Trustworthy New Zealand Business News
The Wellington-based BusinessDesk team provides a daily news feed for a serious business audience.
Contact BusinessDesk
Email:

Next in Business, Science, and Tech

Westpac NZ Sets Out Plan To Go Cheque-free
By: Westpac
Major New Zealand Upgrade Programme Projects Go To Tender
By: NZTA
Reserve Bank Seeks To Preserve Benefits Of Cash
By: Reserve Bank
Double-dip recession next year, but housing rolls on
By: RNZ
Microsoft Expands “Highway To A Hundred Unicorns” Initiative To Support Startups In Asia Pacific
By: Microsoft New Zealand
Fonterra Farmers Taking Another Step Towards New Zealand’s Low Emissions Food Production
By: Fonterra
Businessman Eric Watson sentenced to a four-month jail term
By: RNZ
OECD Area Employment Rate Falls By 4.0 Percentage Points, To 64.6% In Second Quarter Of 2020
By: OECD
Spark Turns On 5G In Auckland And Offers A Glimpse Into The Future Of Smart Cities
By: Spark
Monthly Migration Remains Low
By: Statistics New Zealand
Proglacial Lakes Are Accelerating Glacier Ice Loss
By: University of Canterbury
Fonterra Sells China Farms
By: Fonterra
Inland Revenue Reminder About The End Of Cheques
By: Inland Revenue Department
Final countdown for Kiwibank cheques
By: Kiwibank
New Zealand Moves To Protect Cash
By: Next Payments
View as: DESKTOP | MOBILE © Scoop Media