I go chop your dollar, ctd

The empire is crumbling, the shabby edifice of?respectability?so craved by Terry Serepisos has almost rotted away.

Property developer Terry Serepisos has crumpled under the weight of $200 million debt and is putting forward a proposal to sell his assets.

A judge in the High Court at Wellington was told today that Mr Serepisos’ portfolio of about 150 residential properties and at least 6 major commercial buildings in Wellington is worth $232,472,000.

The Wellington Phoenix football boss’ liabilities are calculated at $203,095,206.

Serepisos’ new lawyer, John Billington, QC, said an orderly sale of assets was proposed to avoid “an economic and social catastrophe” that could occur if individual creditors moved immediately to sell the secured assets, flooding the Wellington property market and depressing prices not just for the Serepisos properties, but for property generally.

At Serepisos’ last showing in the High Court bankruptcy list 10 days ago, Associate Judge David Gendall was told South Canterbury Finance is claiming $18 million and Equitable Mortgages Limited about $9.8m.

The debt to Equitable Mortgages was expected to reduce about $4.3m with the sale of one of the Serepisos buildings in Victoria St, Wellington.

The two creditors have stepped into the breach left when Serepisos settled the $5m debt owed to FM Custodians 10 days ago.

Judge Gendall said Serepisos had not filed any formal notice of opposition to the bankruptcy proceedings or made an affidavit to support his position.

Nice to see Terry has obtained the services of John Billington QC, the guy who defended John Barlow for the murders of Gene and Eugene Thomas. He defended him three times and lost three times.