Wellington property developer Terry Serepisos has had bankruptcy proceedings against him adjourned so he can organise the sell-down of over $230 million worth of property, The National Business Review reported. John Billington, Mr Serepisos' new lawyer, told the Wellington High Court today that his client wants to work with insolvency specialists to sell his property portfolio, which includes about 150 residential properties and six significant commercial properties, all in Wellington.

Troubled Wellington property developer Terry Serepisos has been given a bit more time to convince creditors he can orchestrate an orderly sale of his assets with a surplus of some $30 million, The New Zealand Herald reported. Associate Judge David Gendall granted an adjournment for bankruptcy proceedings against Serepisos in the High Court in Wellington today after receiving a proposal on Friday that will leave assets worth some $232.5 million in the hands of two experienced insolvency practitioners to sell them over the next few years.

Confusion reigns around the administration of a landmark Auckland wedding venue and restaurant, with the owner puzzled over what has happened to his business of 28 years, Stuff.co.nz reported. The case is one of nearly 100 voluntary administrations agreed since insolvency laws were changed to allow the new procedure four years ago. And the results so far have been mixed, with most companies which opt for voluntary administration eventually failing.

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, The New Zealand Herald reported. 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".

South Canterbury Finance receivers have sold another chunk of the failed lender’s business but the return to the taxpayer has been kept confidential, The National Business Review reported. Japanese investment bank Nomura has acquired South Canterbury’s consumer, business and rural loan portfolios – the last of the so-called “good bank” of assets. The three loan portfolios have a combined book value of approximately $123 million, receivers Kerryn Downey and William Black of McGrathNicol said in announcing the deal today. However, the purchase price was kept secret.

Commercial printer Blue Star Group has won the support of bond holders for a debt restructuring after saying the alternative was receivership, but the "close call" for hundreds of workers has angered the union representing them, The New Zealand Herald reported. Bond holders voted 76.9 per cent in favour of the refinancing proposal, surpassing the 75 per cent required.

Receivers for Yarrows the Bakers say the business has attracted considerable interest from potential buyers as their first report highlights significant debt across the wider group, The National Business Review reported. Yarrows the Bakers and two associated companies went into receivership in May when the company’s directors could not reach agreement on a restructure proposal that involved selling its Australian business.

Whitcoulls creditors have voted in favour of a pittiful 3c in the dollar return instead of liquidating the company that owes them $21.5 million, The National Business Review reported. Unsecured creditors have just voted with an overwhelming majority of 84% in favour of a return of just 3c at a watershed meeting with Australian-based administrators Ferrier Hodgson in Auckland. Ferrier Hodgson asked the unsecured creditors of Whitcoulls' parent company Red Group Retail to accept 3 cents in the dollar, instead of liquidation, in a deed of company arrangement (DOCA).

Kevin Podmore has been given three months to come up with $20 million to help repay investors in his failed Wellington finance company, St Laurence, or face possible bankruptcy, Stuff.co.nz reported. St Laurence was put in receivership in April last year owing 9400 investors $245m plus interest. Podmore and three companies he controlled had offered a $20m guarantee as part of an earlier moratorium repayment agreement, to cover any shortfall in repayments to investors if St Laurence was put in receivership.

Ferrier Hodgson, the administrators of Whitcoulls' previous owners, REDgroup Retail, have proposed that its unsecured New Zealand creditors be paid out at 3c in the dollar, The New Zealand Herald reported. The proposal, or deed of company arrangement (DOCA), will be put to creditors at a so-called "'watershed" meeting set down for Thursday. "Based on our investigations, we do not believe that any dividend would be payable to unsecured creditors in any of the companies should they be placed in liquidation," said Ryan Eagle, administrator and Ferrier Hodgson partner.