I knew it. FM Custodians don't really want to bankrupt him, they just want their money.
And what happens if FM get their money? Is that the end of it? No. According to the story ...
"If Serepisos settles with FM Custodians, South Canterbury Finance can take over the bankruptcy proceedings if its debt remains unpaid."
Which means the pain and bad PR for the Nix (by association with Terry) will continue.