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.