broken arsed

Uh-oh

Terry Serepisos can’t catch a cold right now. Seems he has left behind a whole heaps of documents that the Official Assignee is very interested in obtaining.

Bankrupt property tycoon Terry Serepisos hasn’t just lost his empire – he’s also abandoned a lot of potentially sensitive paperwork.

An office he vacated years ago in central Wellington’s Ivivi building is lined with filing cabinets containing personal files, property records, business plans, architectural drawings, loan agreements, mortgage documents, accounts, staff reports, correspondence about leaks in his Roseneath home, letters from the Inland Revenue Department and papers relating to his late father’s business affairs.

The hoard was a surprise discovery for Wellington businessman Frank Wong after he took ownership of the Victoria St building – the former World Trade Centre – earlier this month.

Mr Wong, who opened the filing cabinets just to see what was in them, said leaving this sort of material behind suggested Mr Serepisos’ business affairs were not well organised.

“I thought he would have taken it with him when he left this place at least three years ago when he moved his offices to the ASB Tower. It suggests he was pretty disorganised. Lots of it is documentation I’d have thought you’d keep in safekeeping because of its importance.”

He was considering dumping the hoard, along with the old computers, fax machines, fans, an old boxing glove, chairs and other rubbish scattered around the long-abandoned office.

However, official assignee Joanne Basher, who was appointed by the court to take over all of Mr Serepisos’ affairs after his bankruptcy, said she was very interested in the documentation. “We need to gather all the business records we can.”

Her role was to look into a bankrupt’s affairs to establish their financial position and find out why they failed. She would also look into possible breaches of the law – for example, it was illegal for somebody to continue trading while insolvent or incur credit when there was no means of payment.

Whoopsy.

I go chop your dollar, Ctd

It’s official Terry Serepisos has been declared bankrupt.

Wellington businessman and former Phoenix football owner Terry Serepisos has been declared bankrupt in the High Court at Wellington this morning.

The property developer owes creditors $203 million and had been selling his assets to try to meet his large debts.

Serepisos has offered an orderly sale of a $232.5m property portfolio to try and meet the millions of dollars of debt but creditors reportedly have not yet decided whether the proposal is acceptable.

I wonder if The Apprentice still has his job?

I guess the law suit against me is off too.

Labour's great closing down sale

A couple of interesting documents have come via the tipline.

It seems that Labour has a Century Fund for fundraising and good loyal Labourites can donate to it with an automatic payment.

On the 22/7/2009 they created this AP Form for donating to the Century Fund. It has the old logo and grey suit and tie wearing Phil Goff

Then on 27/01/2001 they created a new AP Form and modified it on 07/04/2011. This form has dyed hair and casual, hands in pockets Phil Goff and the new logo.

But something else is interesting. It seems that Labour may well be having a 50% off sale, or perhaps it is a closing down sale. Beacuse the minimum donation has slipped in the space of a two years from “as little as 33 cents a day” to help in their “campaign for job creation, fair wages, family support and a secure retirement” to a new bargain basement price of “as little as 17 cents a day“.

Obviously Labour party stalwarts are so broken arsed that they can’t afford even 33 cents a day to their beloved party. No wonder they have the begging bowl out from other sources. More to come on that in later posts.

Labour Closing Down Sale