Serepisos liquidation on hold

Terry Serepisos Photo / Greg Bowker

Legal action against Wellington Phoenix owner Terry Serepisos is on hold.

Inland Revenue last month filed liquidation proceedings against five of his companies, for $3.5 million in unpaid taxes.

It applied to liquidate five companies, including Century City Football, which owns the A League soccer club, which was said to owe $1.5m in PAYE tax deductions, GST, and KiwiSaver contributions.

But a spokesman for the Phoenix says the IRD is happy with the progress it's making in reaching an agreement with Serepisos, and it has put any legal action on hold.

The matter is expected to be resolved without it going to court.

- NEWSTALK ZB