Wellington, Feb 8 NZPA -Terry Serepisos is heading to Switzerland in a bid to save the Phoenix soccer team and four of his other businesses as the Inland Revenue Department seeks to liquidate them over debts of more than $3.5 million.
At a hearing at the High Court at Wellington on Friday, Mr Serepisos tried to stop the IRD from advertising plans to liquidate his companies, but Justice Forrie refused and the IRD is going ahead with its advertisements, which are due to come out tomorrow, The Dominion Post reported today.
The court was told Mr Serepisos was flying to Zurich this week to sign loan documents enabling him to pay back IRD and other creditors within three weeks -- assuming certain conditions were met.
However, the IRD says Mr Serepisos could not meet the conditions -- which include that the companies being bailed out be solvent at present -- and is going ahead with plans to recoup money which includes unpaid Phoenix player's KiwiSaver contributions and PAYE.
Mr Seripisos's proposed repayment arrangement also depended on some creditors accepting shortfalls, which some had already agreed to do, the court was told.
A-League chief executive Lyall Gorman, said he remained confident about Phoenix's future and he had been in regular contact with Mr Serepisos.
Among the $3.5 million owed to IRD by Mr Serepisos's companies is $1,235,348 in unpaid PAYE tax deductions for Century City Football, which owns the licence to the Phoenix.
Mr Serepisos's other companies are Century City Hunter Street, Century City Developments, Century City Management and Century City Investments.
Mr Serepisos's lawyer, Justin Toebes, told the court that if IRD with liquidation advertisements it could damage efforts to refund the companies and could cause Century City Football to lose its Phoenix licence.
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