South Canterbury Finance's receivers have taken over the case to bankrupt Phoenix soccer team owner and Wellington property developer Terry Serepisos, chasing a debt of about $18 million.
In the High Court at Wellington today FM Custodians withdrew its application to bankrupt Mr Serepisos, saying they had settled their debts. Mr Serepisos had owed FM Custodians about $5m.
The lawyer for South Canterbury Finance's receivers, Joshua Cameron, applied to replace FM Custodians as the judgement creditor, saying his client was owed "roughly $18m".
Justice David Gendall noted he had seen no evidence that Mr Serepisos was able to pay his debts.
However, Mr Serepisos has another 10 days to come up with a deal to satisfy his creditors before the case is next heard on August 29.
