Terry Serepisos in trouble again

PHOTO: Terry Serepisos. FILE

According to STUFF receivers have been appointed to a company of former high-flying Wellington businessman Terry Serepisos, which owns property on Tory St.

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On Friday Serepisos said the appointment was “mutually agreed” and he was working with the receivers and lender, Alceon Finance Pty, to find the best options for the future.

He said he welcomed the appointment and had a good relationship with both receivers and the lender.

Serepisos is the sole shareholder and director of Titanium Trustee Management Ltd, according to publicly available documents.

Recevers were appointed to the company on Tuesday.

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Titanium owns the hotel units fronting Tory St in central Wellington. Serepisos said it had been empty for 10 months.

”I personally think it would be leased up and sold as a hotel or serviced apartments complex,” he said.

He had tried to sell the units individually last year but market changes put paid to that plan. Then the company tried to sell the hotel as a whole.

**ROBERT KITCHIN/STUFF**

**Century City Hotel in Tory St, central Wellington, was Serepisos’ flagship that he bought back into last year. (File photo)**

Serepisos said there was a lot of interest but no agreement came out of it.

A document on the Companies Office website says Alceon Finance Pty Ltd, as trustee of the Tory Street Trust, appointed receivers and managers of all the property and undertaking of Titanium Trustee Management. Alceon is an Australian based company.

The appointment was made under the terms of a general security deed, according to public documents.

The Companies Office website says a secured creditor can appoint a receiver to collect and sell one or more of a company’s assets over which they have a financial claim, for example equipment or machinery that was offered as security against a loan.

Last year Serepisos confirmed he had bought back Distinction Wellington Century City hotel – the flagship of the high-flying property developer’s portfolio before it was sold in 2011.