Applications by the Inland Revenue Department to liquidate businesses owned by Wellington property developer Terry Serepisos have been adjourned until next year.
In October, the IRD applied to liquidate five of Mr Serepisos' businesses including Century City Football Ltd which owns the Wellington Phoenix Football Club.
The High Court in Wellington heard on Monday that negotiations to settle outstanding debts to the department of $3.5 million are underway.
Associate Judge Gendall adjourned the application until February.
