For the terminally panicky among you, who should have seen all this before: "Serepisos faces bankruptcy proceedings" means "Terry has worn out all the patience of one of his creditors, who is waving a big stick". It has absolutely nothing to do with whether Terry can't actually pay and will go bankrupt, which no-one - not even the person taking the case, if you read the article - really believes. I could be completely wrong, of course, but people have cried BANKRUPT too many times and I don't believe them anymore.
Sorry, but "Serepisos faces bankruptcy proceedings" does mean Terry hasn't been able to pay to date. If he could have, he would've, rather than paying the 17.25% interest accruing, and letting several of his properties fall into mortgagee sales. This isn't business as usual stuff, and unless Terry can magic money up from somewhere, or can convince the judge he has a compelling plan of how to he will be toast. People aren't "crying bankrupt"; FM Custodians are attempting to bankrupt Terry because he owes them a big wad of coin and they want as much of it back as they can realise.