• Login:
Welcome, Register Here
follow PropertyTalk on facebook follow PropertyTalk on twitter Newsletter follow PropertyTalk on LinkedIn follow PropertyTalk on facebook
Page 1 of 23 1 2 3 11 ... LastLast
Results 1 to 10 of 222
  1. #1
    Join Date
    Apr 2005
    Location
    Wellington
    Posts
    1,584

    Default Apprentice boss in cash crisis - Terry Serepisos

    Apprentice boss in cash crisis

    The Apprentice star Terry Serepisos is being chased by creditors and is struggling to pay about $2 million in unpaid rates and ground rents to Wellington City Council.

    A Dominion Post investigation has learnt that the council has met regularly with Mr Serepisos but he has yet to settle the substantial debt.

    It is understood Mr Serepisos has told the council he is struggling to pay and if the council takes action to recover the money it could jeopardise the Wellington Phoenix football franchise he owns. Mr Serepisos said yesterday that he had pumped a total of $5 million into the football club, which this week received a five-year extension to continue in the A-League.

    The Dominion Post has learnt the council has offered repeated extensions at meetings, which have included chief executive Garry Poole, amid growing concerns at the mounting debt.

    The council is believed to have already provided Mr Serepisos with extra time to pay his rates because senior staff fear potential repercussions for the Phoenix. It is also concerned that forcing Mr Serepisos' hand could lead to financial trouble for other organisations that do business with him.

    Though Mr Serepisos has made some payments in the past year, it is understood he owes about $2 million. Local councils have the legal ability to approach banks that hold a mortgage on a property to demand payment when the owner fails to do so.

    Mr Serepisos refused to discuss any aspect of his rates yesterday, saying it was "confidential". He said that, like any property developer, he had been affected by the recession: "There is a global crisis here, I am certainly not immune to the global crisis." He was owed "millions", including $450,000 in accommodation from the stalled movie Kingdom Come and $1.6m from a failed construction company.

    "People owing me money puts a strain on cashflow as well. It is a domino effect right across the board. If he can't pay you, you can't pay him, that sort of thing.

    "It is not just me, guys, it is the whole world. All I'm saying is I'm not immune to the global crisis. People owe me a lot of money."

    Mr Serepisos said he had spent vast sums promoting Wellington, bankrolling the Phoenix and working with several charities and the community.

    "I'm pouring in millions and millions of dollars to promote this city and doing all these things I do. And I feel a little disheartened that a handful of people are taking pot shots at me."

    Mr Serepisos owns several companies including 79 Manners Street Ltd, Century City Developments Ltd, Century City Ltd, Century City Football Ltd and New Millennium Design.
    Ad Feedback

    It has been reported that debts ranging from $158 to $71,000 related to those companies have been referred to a debt collection company and listed with a credit reporting agency.

    Figures obtained by The Dominion Post under the Official Information Act show that commercial ratepayers have unpaid bills to Wellington City Council of $5.6 million. The largest individual bill is $331,000.

    Three businesses are also $854,000 behind with ground lease payments, with one leaseholder owing the council $478,000.

    The council would not say who any of the ratepayers involved were. Mr Poole has refused to comment on any aspect of dealings with Mr Serepisos, citing privacy.

    The law gives councils priority over other creditors to retrieve outstanding rates when a property is sold. This does not extend to ground lease debt and councils have to wait in line with other creditors.

    Mr Poole said "a fair and equitable approach" was taken on the collection of rates and unpaid debts: "However, because every case is different, we also have the ability to negotiate payment with various debtors to ensure that all rates are paid in full."

    The council could also take legal enforcement action to retrieve money owed, Mr Poole said.

    A 10 per cent penalty is added to rates remaining unpaid after the due date. An additional 10 per cent is added to rates unpaid from previous financial years.

    Penalties for late payment of ground lease rentals depend on terms and conditions of each respective lease. Penalty payments ranged up to 18 per cent a year, Mr Poole said.
    http://www.stuff.co.nz/business/indu...in-cash-crisis

  2. #2
    Join Date
    Sep 2008
    Posts
    7,581

    Default

    yeah, seems a bit rich that he trashed someone from the show someone for flirting

    would have thought inability to pay your bills was more of a crime in the business world

    but then, a cynic would say

    a. it's because she wasn't flirting with him

    and

    b. it's very hard to get that rich that young without tossing all your debts and credits in the air and juggling them carefully to balance out

    and if you do that and your credits go bad

    you find your debts don't, you can't keep them all in the air and you start dropping a few

    at that stage the last thing you need is for someone to tie your hands

    cause then you drop the whole lot

    still it would be nice to see in the next episode where he "fires" someone for all the apprentices to turn on him and say, "no, you're fired, for not paying your bills"
    Last edited by eri; 24-04-2010 at 07:24 PM.
    have you defeated them?
    your demons

  3. #3
    Join Date
    Apr 2005
    Location
    Wellington
    Posts
    1,584

    Default

    Interesting that less than 12 months ago he was pictured smiling in a newspaper article entitled "Serepisos on top of the world amid downturn .While the recession has stalled other developments in the city, Terry Serepisos exudes confidence over his portfolio..."


    http://www.stuff.co.nz/business/2434...-amid-downturn

    Either he was putting on a very brave face, or things have suddenly turned very bad.

    Anyway, for the sake of Wellington and the Phoenix lets hope things get better for him.

    He also has a plan to construct the tallest building in Wellington, which would be really amazing to see go ahead.

  4. #4
    Join Date
    Aug 2003
    Posts
    7,645

    Default

    Yeah he's done a lot for NZ football and the Phoenix games have contributed $$mm into the Wgn economy so here's hoping a deal can be done - umm maybe he sells something...(but not the Phoenix).

    As a side note....I prefer watching the Phoenix to the Super 14 or the ANZ netball - at least they are winners (not true for the NZ teams in S14 or the netball right now aye).

    Cheers,

    Donna
    PropertyTalk Blog - property articles

    BusinessBlogs - the best business articles are found here



  5. #5
    Join Date
    Sep 2008
    Location
    Tauranga
    Posts
    1,518

    Default

    This mornings pertinent question. (from Kiwiblog)
    BB
    “along with all the other ratepayers who do pay our rates.”
    Ahh yes…all the more reason to introduce a council or poll tax and do away with rates.
    Why is it that only property owners have to pay for facilities that every person in the community uses?


    My answer.

    Well because Phil Heatley won’t change it. I know cause I asked him as soon as he became Minister of housing.

  6. #6
    Join Date
    Sep 2007
    Location
    Auckland
    Posts
    8,331

    Default

    I hope Terry pulls himself out of this too. He seems to be one of those energetic types who builds great things.

  7. #7
    Join Date
    Sep 2004
    Location
    Central Otago, ChCh, AKL
    Posts
    2,443

    Default

    Though Mr Serepisos has made some payments in the past year, it is understood he owes about $2 million. Local councils have the legal ability to approach banks that hold a mortgage on a property to demand payment when the owner fails to do so.
    YES BUT - been worth more then $100m and not paying his WCC rates is ridicules.
    sell an assets or two and pay your debt and move on.

    Over all I admire Terry's achievements but that's what I would do at it is not in proportion to the caliber.
    New Zealand's #1 Marketplace for Property Investors & Sellers!
    FREE Access to HOT Property Deals
    CLICK HERE FOR MORE INFO.

  8. #8
    Join Date
    May 2006
    Location
    Mordor
    Posts
    1,048

    Default

    We always need to be careful about what we read on the net but the unpaid rates seems par for the course. Allegedly there are building contractors who do not view Mr Serepios with kindness.

    Its looking more and more like smoke and mirrors wealth.

  9. #9
    Join Date
    May 2008
    Posts
    3,594

    Default

    Quote Originally Posted by Orkibi View Post
    YES BUT - been worth more then $100m and not paying his WCC rates is ridicules.
    sell an assets or two and pay your debt and move on.
    I've seen his name in the real estate pages recently so I assume Terry has been furiously selling assets.
    I, too, hope he gets over this hurdle - he's been wonderful for Wgtn and the Phoenix.

  10. #10
    Join Date
    Sep 2004
    Location
    Central Otago, ChCh, AKL
    Posts
    2,443

    Default

    He looks like a great guy, down to earth.
    New Zealand's #1 Marketplace for Property Investors & Sellers!
    FREE Access to HOT Property Deals
    CLICK HERE FOR MORE INFO.


 

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. Replies: 0
    Last Post: 20-05-2015, 05:29 PM
  2. Property Apprentice (or similar courses) - Worth the money?
    By daveoi in forum Property Investment (NZ)
    Replies: 54
    Last Post: 20-01-2015, 02:28 PM
  3. The Property Apprentice....www.propertyapprentice.com
    By DBrown in forum Property Investment (NZ)
    Replies: 1
    Last Post: 28-06-2012, 10:16 PM
  4. Property Apprentice
    By Rosco in forum Property Investment (NZ)
    Replies: 2
    Last Post: 27-01-2012, 10:00 AM
  5. Terry Tate!!
    By Marc in forum Forum Funnies
    Replies: 0
    Last Post: 03-06-2004, 10:30 PM

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •