18 Apr 2011

24-hour adjournment ordered in Serepisos case

10:11 pm on 18 April 2011

Wellington property developer Terry Serepisos has one more day to avoid liquidation.

Inland Revenue is seeking more than $3.5 million and has threatened to liquidate five companies owned by Mr Serepisos.

These include Century City Football, which owns the license to the Phoenix football club.

ACC is also seeking payments from two of the five companies involved, Century City Football and Century City Development.

Last month in the High Court at Wellington, Associate Judge Gendall said he would adjourn proceedings so Mr Serepisos could confirm whether he could secure a loan to pay the IRD.

Lawyer Justin Toebes told the court on Monday that a bank cheque for almost $4 million from a third party had been deposited into a trust account

He asked for an adjournment until 23 May to allow the parties to negotiate other fees and payments.

However, Associate Judge Gendall allowed an adjournment only until Tuesday morning to confirm the cheque had cleared and payment had been made.

The adjournment was the sixth in the case.