BOUNCED CZECH: Bankrupt property tycoon Terry Serepisos on a horse-drawn carriage in Prague with former Miss Universe NZ contestant Danelle Kaukau.

Models, international travel and erotically charged parties. Former Wellington property tycoon Terry Serepisos isn't letting bankruptcy slow him down.

Mr Serepisos has been photographed this month in a high-end Prague hotel and on a horse-drawn carriage with a former Miss Universe NZ contestant.

He has also attended celebrity-studded parties and driven expensive cars, all while technically insolvent. When contacted about his trips yesterday, Mr Serepisos hung up on The Dominion Post.

He used to run a vast property empire and own the Wellington Phoenix football club, and starred in television show The Apprentice New Zealand.

But in September 2011, his debts finally caught up with him and he was declared bankrupt, owing more than $200 million.

His official assignee, who has the legal power to manage Mr Serepisos' bankruptcy, has completed an investigation into his affairs and confirmed there is no money left to pay his personal debts.

Yesterday, a spokesman for the assignee confirmed Mr Serepisos was given leave to travel to Greece, Los Angeles and Fiji this year. Last year he was allowed to travel to Los Angeles.

"Some of these were for personal reasons and others were as attempts to resolve bankruptcy debts," he said.

"All travel was paid for by third parties, so creditors were not disadvantaged."

In allowing the Greece trip, the spokesman said the assignee considered that the administration of his bankruptcy was complete and that his trip was again paid for by "another person".

"We cannot provide further detail for privacy reasons."

While Mr Serepisos was not overseas he still managed to keep himself entertained.

This month he appeared in a newspaper's society pages attending an "erotically charged masquerade ball" in Auckland. Other guests included Calendar Girls strip club owner Jacqui Le Prou and and Wellington burlesque dancer Venus Star.

Danelle Kaukau, a Miss Universe NZ contestant in 2011, recently posted two photos of herself with Mr Serepisos on Facebook. One was on a horse-drawn carriage in Prague, the other at the Boscolo Prague hotel, where one night costs between NZ$324 and $6512.

Christchurch pool builder Ian Coombes said he had been owed $40,000 by Mr Serepisos for installing a swimming pool at the Century City Hotel in Tory St but, after a struggle, eventually got paid.

"There will be a lot of people still owed money and they will be pissed," he said yesterday of Mr Serepisos' travel itinerary.

Mr Serepisos is still an undischarged bankrupt, which places him under strict restrictions until October 7 next year.

The restrictions give assignee's control of his bank accounts and the power to withdraw money to pay creditors. He also requires consent to travel overseas, is banned from managing or becoming a business partner without consent, and can only own a car worth less than $5000.

Last year, Mr Serepisos was spotted driving around Wellington in a $200,000 silver supercharged 2000 Jaguar V8 car, last year valued at $35,000.

Records seen then by The Dominion Post showed the car was registered to Leftarious Serepisos, another of Terry's various names.

However, after he was photographed in the car by The Dominion Post the registration name was changed to Lambros Serepisos, his brother.

Registration means someone is legally responsible for a vehicle, but does not necessarily own it.