Six weeks ago Terry Serepisos was made bankrupt, now the first report from the Official Asigneee has been released:
The unsecured creditors of Terry Serepisos are unlikely to get any of their money back, official assignee Joanne Basher says in her first report since he was declared bankrupt six weeks ago.
A summary of Mr Serepisos’ assets lists eight properties, four luxury cars, his Riviera boat Spybar, shares in 23 companies, an interest in the TSerepisos Family Trust and personal chattels.
His creditors have so far claimed an estimated $28.5 million, but unsecured creditors stand to get nothing if the assets sell for less than he owes on them.
He owes more on the cars than they are worth, and Ms Basher is waiting for the sale of the repossessed boat before determining whether there will be any surplus.
All of the companies in which he holds shares are in receivership.
His repossessed 2007 Ferrari was sold in September for $205,000, which was less than the loan outstanding, and Ms Basher said his two Lamborghinis and his BMW X5 stationwagon â€“ which Mr Serepisos has continued to drive since his bankruptcy â€“ were under notice of repossession.
A while back I called Terry Serepisos a broken arse and he threatened to sue me…still waiting for the writ Terry, still waiting.