One man out to get me, claims bankrupt Serepisos

Terry Serepisos. Photo / Natalie Slade

Failed property tycoon Terry Serepisos believes bankruptcy proceedings against him were issued because one man was "out to get me".

The claim was made in documents made available yesterday by a court.

Serepisos, 48, was made bankrupt on Monday by Associate Judge David Gendall. The action was first brought by FM Custodians, acting for the frozen Canterbury Mortgage Trust, which was owed $5 million.

Serepisos managed to stave off that bid but it was replaced by South Canterbury Finance, which was owed more than $22 million.

Documents the judge allowed reporters to inspect yesterday revealed that Eleftarious "Terry" Serepisos blamed Graeme Reid of Canterbury Mortgage Trust for his predicament.

"I genuinely believe that the basis of the bankruptcy proceedings issued against me is because Graeme Reid of Canterbury Mortgage Trust is 'out to get me' and he has boasted of that to people he has met," Serepisos said in a March 8 affidavit.

"I was not surprised by what my lawyers were advised because I have had many conversations directly with Mr Reid and that is exactly the clear view that I had from my discussions."

Canterbury Mortgage Trust this year instigated mortgagee sales for 10 of Serepisos' Wellington properties, plus 20 carparks.

Serepisos said in his affidavit he was disturbed by the marketing; promotional photos were taken from a phone and the agent was telling people they would "go for anything, as low as $290,000", which Serepisos claimed was below market value.

In an affidavit dated August 29, Serepisos was shown to have 27 creditors owed $211,670,086. His assets totalled $234,052,000, leaving a surplus of $22,664,414.

However, that is no longer an accurate picture as, by his own admission, "the properties are likely to be sold at a depreciated value, and well under what the properties are actually worth".

"This will reduce the surplus available for distribution to my creditors."

The judge withheld some documents, citing commercial sensitivity and said it was in the public interest they not be disclosed.APNZ