nice car for a bankrupt

Bankrupt property tycoon Terry Serepisos has been cruising Wellington streets in a $35,000 Jaguar.
Bankrupts are barred from owning a car worth more than $5,000 but they may drive a car of any value.

On Thursday, Mr Serepisos was spotted driving the silver supercharged 2000 Jaguar V8 – with an estimated present value of about $35,000 – into a BP station in Wakefield St. The sighting came on the day it was officially notified that one of his creditors was taking possession of his prized Roseneath home.

When the star of The Apprentice New Zealand was declared bankrupt in September last year, he had debts of more than $200 million, and was told he could not own a car worth more than $5000.
When the Jaguar was registered new by his Century City Developments in 2000, it was worth about $200,000.

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