Serepisos companies in receivership

Dave Burgess at Dom Post reports:

Two companies belonging to property developer Terry Serepisos have been placed in receivership owing nearly $13 million.

PricewaterhouseCoopers have been appointed receivers by Equitable Mortgages who are owed about $11 million from 79 Manners St Ltd.

Recievers will sell the 11-storey Ivivi Building in Victoria St, and nine studio apartments at Renaissance Apartments in Manners St.

Mr Serepisos’ Maison Property Holdings Ltd also owes Equitable about $1.79m, which will see the recievers sell four apartments at the Maison Cabriole Apartments on the corner of Tory St and Courtenay Place.

He is listed as sole director of both companies in receivership.

However, Mr Serepisos says he was in the process of selling the assets as part of his company restructuring.

“These properties were being sold anyway. All they’ve done is come along and taken over the sales process. They want to be in control and that’s fine.”

Personally I would not be so sanguine about receivership.

Both the receivers, and Mr Serepisos, stressed that it was only these two companies that were in receivership, not Mr Serepisos himself or any of his other companies.

Today.