Court to decide when Serepisos' bankruptcy ends

Terry Serepisos. File photo / NZPA

Terry Serepisos is to have his financial affairs examined in front of a High Court judge, who will decide when the former reality TV star and football club owner is to be released from bankruptcy.

The Official Assignee - which manages personal insolvencies - confirmed yesterday it had objected to Mr Serepisos' release from bankruptcy, which would normally last for three years.

Declared bankrupt in 2011 owing about $203 million, Mr Serepisos was due to be discharged this October - until the OA filed the formal objection with the High Court at Wellington.

"This means that he will not be automatically discharged from his bankruptcy when he becomes eligible for discharge on October 7, 2014," an OA spokesman said yesterday. Instead, Mr Serepisos is due to appear in the High Court at Wellington for a hearing where his financial affairs will be examined.

The court would decide when Mr Serepisos would be released from bankruptcy, the spokesman said. No date has been set for this hearing.

The OA filed its opposition to Mr Serepisos' release from bankruptcy on September 11 - well before the former property developer was arrested and taken to court over child support for his 19-year-old son.

Mr Serepisos was arrested on Monday night after arriving at Wellington Airport from Greece, where he was looking after his mother.

Bankrupts need permission from the OA to travel overseas.

Asked whether Mr Serepisos had approval for the trip and how he funded it, the spokesman said: "Information of this nature about a bankrupt's affairs is normally withheld from third parties in order to protect the bankrupt's privacy."