Two businesses owned by embattled property developer Terry Serepisos have gone into receivership, owing $12.7 million.
The companies owe the money to Equitable Mortgages, which itself went into receivership in November last year.
The Companies Office lists the Serepisos companies as 79 Manners Street Ltd and Maison Property Holdings Ltd. Each owns commercial properties, apartments and car parks.
The business 79 Manners Street Ltd owes $11 million, while Maison Property Holdings Ltd owes $1.7 million.
John Fisk and Richard Longman of PricewaterhouseCoopers have been appointed as receivers.
Mr Fisk says properties owned by the Wellington businessman's companies have tenants and will be sold.
"We become responsible for collecting the rent and we will be talking to property advisers to look at the best way to sell those properties."
Earlier this week in the Wellington High Court, Associate Judge David Gendall dismissed an application to set aside bankruptcy notices against Mr Serepisos.
FM Custodians Ltd wants Mr Serepisos declared bankrupt over his failure to repay a loan of about $6.1 million.
The loan was to two other companies owned by Mr Serepisos, New Millennium Design Ltd and Century City Developments.
