Monday 26th September 2011
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Wellington property developer Terry Serepisos has been declared bankrupt in the High Court in Wellington after his last-minute bid for more time to pay debts was rejected.
The action was sought by lender FM Custodians over a loan Serepisos guaranteed to one of his companies, which subsequently failed.
The judgment comes just days after Serepisos lost control of the Wellington Phoenix football club, which has been taken over by a group of Wellington businessmen.
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