Inland Revenue has applied to liquidate five of Serepisos' Century City companies, among them the one that owns the Phoenix A-League soccer club, for not paying a debt of more than $3.5 million in tax and penalties.
Century City Football, Century City Developments, Century City Management, Century City Investments and Century City Hunter Street owe IRD more than $3.5 million including PAYE and KiwiSaver contributions for Phoenix players.
Mr Serepisos went to Zurich to negotiate a $135m loan from controversial lender Western Gulf Advisory with which to restructure his empire's debts but the loan has apparently not materialised.
However, at a hearing on March 10, the court was assured by IRD lawyer Rocky Meng that some progress towards repayment had been made.
"The Commissioner is saying he now has increased confidence the loan can be put in place in four weeks to pay all the debts."
Associate Judge David Gendall agreed to a further delay until today, but warned there would be no further adjournments.
