Serepisos: a step closer to bankruptcy
Serepisos: a step closer to bankruptcy | Stuff.co.nz: "Beleaguered property tycoon Terry Serepisos has been given two weeks to come up with a way to pay $6.1 million to stave off possible bankruptcy action.
FM Custodians applied for bankruptcy notices and was issued them in the High Court at Wellington yesterday. Once the notices are served on Mr Serepisos, he commits an act of bankruptcy if he does not pay or reach a compromise with FM Custodians.
Don McBeath, chairman of the firm overseeing loans to Mr Serepisos' companies, said the notices were issued as a precaution. Discussions were continuing with Mr Serepisos and it was hoped an arrangement for payment could still be reached. No decision had been made yet on whether to bankrupt Mr Serepisos if he did not pay, Mr McBeath said.
Mr Serepisos, speaking from Adelaide, where he was about to watch the Phoenix play last night, did not know of the bankruptcy notices until told of them by The Dominion Post. He said the legal action was the result of a personal vendetta."
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