TERRY SEREPISOS:"This isn't giving up at all. There's no way I'd give up."

Terry Serepisos is vowing to rise phoenix-like from the ashes with a smaller empire as he battles to fight off the latest attempt to bankrupt him.

"This isn't giving up at all. There's no way I'd give up," he said after his lawyers submitted a plan to the High Court in Wellington yesterday for a trustee to sell most of his remaining property portfolio over about two years.

But the former television celebrity insisted any sale would not include his beloved Wellington Phoenix football club, where it would be "business as normal".

Over the next four weeks, Mr Serepisos must convince the court, and the holders of 75 per cent of his outstanding debts of $203 million, to agree to the plan.

It would see six commercial properties, and 150 residential properties, sold gradually, until pressure from lenders eased. Court documents claim his assets are worth $29m more than his debts.

His new lawyer, John Billington, QC, said an orderly sale of assets was proposed to avoid "an economic and social catastrophe" that could occur if individual creditors moved immediately to sell the secured assets, flooding the Wellington property market.

Mr Serepisos insisted to The Dominion Post that a managed sale of his properties was a "consolidation" from which he could emerge with "a smaller empire, and hopefully move forward".

"It would not be good for anybody if Terry Serepisos had gone bankrupt, because at the end of the day you'd have a whole lot of devalued assets, it would've damaged the Phoenix, it would have damaged a lot of people's lives. It wouldn't have been good for anybody."

He was adamant that a $100m loan arranged from Western Gulf Advisory, a Bahrain-based lender that has been accused of fleecing investors in Australia, would still come through.

"I personally still think it's going to come through, and it'll come through sooner than people believe. That's my opinion. I'm adamant it is."

His reassurances about the Phoenix come after the footballers' union intervened last week over "outstanding debts" and players not being paid on time.

Mr Serepisos said there was simply a one-day delay caused by an "internal issue" and swore that every staff member and player had now been paid.

Yesterday, Professional Footballers Association chief executive Brendan Schwab confirmed that the payments discussed last week had been paid, but said there were still some outstanding amounts.

The club had given an undertaking to Football Federation Australia that it would clear the amounts – some superannuation payments and money owed to former players – by today, he said.

The main issue for the PFA was to make sure the problems surrounding Mr Serepisos' business interests did not affect the smooth operation of the Phoenix.

Wellington football fan John Dow, who co-brokered the deal that saw Mr Serepisos establish the Phoenix in 2007, said the onus was on New Zealand Football to stand up and support the club if it got into serious trouble. "It is a serious situation. I'd hate to see the thing collapse and fall over."

Marty Scott, head of Harcourts' Wellington office, said claims that a Serepisos bankruptcy would be a disaster was probably an exaggeration, because many of his properties had been on the market for months.

"No one's getting enjoyment out of this. Terry has done much for the city, but I think the statement that it would be a social and economic disaster would make a few people chuckle."

What Happens Next

Friday: The proposal for an "orderly" sale of Mr Serepisos' $232m assets to pay off $203m liabilities is to be sent to creditors.

September 23: Planned date for creditors' meeting. Mr Serepisos needs three-quarters of creditors in value and a majority in number to accept the proposal.

September 26: The High Court expects a report of the creditors' meeting. The court also has to approve the proposal.

Who He Owes

Who He Owes Mr Serepisos' personal debts are likely to be mostly from guarantees he has given in his own name for company debts.

Known creditors: $97m Bank of Scotland International, $18m South Canterbury Finance, $9.8m Equitable Mortgages (an unconditional sale of the Ivivi Building at 175 Victoria St is likely to reduce that debt to $5.46m), $3m Asteron Trust Services



Recently paid: $5m to FM Custodians

The Western Gulf Saga

February 22: Terry Serepisos unveils plans for a $100m-plus loan deal from Bahrain-based Western Gulf Advisory (WGA), owned by businessman Ahsan Ali Syed. The deal would see Mr Ali take a half share in the Phoenix and sign on as a major sponsor of the club. Mr Serepisos brushes off allegations made in other media about Mr Ali's business dealings.



March 3: Australian media links Mr Ali to an international investment scheme in which Australian businessmen handed over more than $40m in fees for loans that never eventuated. Mr Serepisos confirms he has handed over an undisclosed sum for his loan.



March 11: Mr Serepisos declares the finalisation of the $135m loan is imminent and the money should be through by "mid-March".+:3



April 20: He flies out to meet Mr Ali in an attempt to finalise the deal. He maintains he has not been caught in a scam and is in regular contact with WGA.



June 22: The Bahrainian bank accounts of WGA are frozen after Australian land developer Keith Johnson obtains a court order after he paid the company A$3.8m in establishment fees for a $150m loan he never received. Mr Serepisos remains confident about receiving his loan.



July 20: American media report that players at Spanish football club Racing Santander, owned by Mr Ali, were waiting for unpaid wages and the club president had put the team into bankruptcy protection.



July 28: Kiwi property investor Gary McNabb uses a private investigator to freeze the Swiss bank accounts of Mr Ali. Mr McNabb claims he paid $1.1m for a $50m loan that never appeared.