10 Mar 2011

Serepisos wins five-week reprieve from liquidation

2:43 pm on 10 March 2011

Embattled Wellington property developer Terry Serepisos has survived liquidation proceedings for the moment, winning a five-week adjournment to his case on Thursday.

Inland Revenue is seeking $3.5 million from Mr Serepisos and has threatened to liquidate five of his Century City companies.

Proceedings took an unexpected turn on Thursday morning when his lawyer, Justin Toebes, sought a short adjournment, saying he was waiting for confirmation of money coming through for the IRD.

Following the adjournment, Mr Toebes and the lawyer for the IRD, Rocky Meng, agreed that a lending arrangement could be put in place in coming weeks to clear all the debts.

Mr Meng told the court the IRD has received a letter from Western Gulf Advisory, which is loaning money to Mr Serepisos, and as a result there is increased confidence that the money will come through.

Associate Judge Gendall granted an adjournment to 18 April, but made it clear that no further adjournments are likely.