8 Feb 2011

Serepisos heads to Switzerland in bid to repay debt

10:06 pm on 8 February 2011

Wellington property developer Terry Serepisos has gone to Switzerland in search of funding for his businesses under threat of liquidation.

The Inland Revenue Department is suing five of his companies, including Century City Football, the owner of the Phoenix team, for debts of $NZ3.5 million.

Mr Serepisos has lost a High Court bid to stop Inland Revenue from advertising its plans to liquidate his companies.

His lawyer Justin Toebes argued the publicity would damage efforts to get funding, particularly for the company that owns the Phoenix.

He told the court on Tuesday Mr Serepisos was going to Zurich to sign loan documents, which would enable him to pay money to Inland Revenue and other creditors within three weeks.

However, Justice Miller ruled that, as there is no dispute about the debts owed to Inland Revenue and no question Mr Serepisos can repay them at present, there is no reason to hold off advertising liquidation action.

The Inland Revenue ads will be published on Wednesday.

Mr Serepisos is due to appear in the High Court on 21 February.