Bryers' Northern Crest in liquidation

Mark Bryers File photo

Northern Crest Investments, the last surviving business of Mark Bryers' failed Blue Chip group, has gone into liquidation.

The liquidation was sought by businessman Ross Haywood who was seeking to enforce a statutory demand for A$142,000 in the High Court in Auckland.

Daniel Grove, the lawyer acting for Haywood said the result was satisfying and, subject to funding, would allow a full investigation into the collapse of the Blue Chip group.

"Issues into the conduct of Northern Crest could never be investigated because it (Northern Crest) was never in liquidation," Grove said.

The company twice avoided liquidation in 2009, the first time when the High Court in Auckland decided the firm's new board, which sidelined Bryers, would have a better chance of trading out of cash deficit, easing the pressure on the liquidators of the rest of the group.

The second time, it managed to convince Robt Jones Holdings to give it more time to repay debt.

The company closed its New Zealand office and relocated across the Tasman last year after settling outstanding bills with Jones.

Grove said it was "remarkable" the company had not been placed in liquidation earlier.

"This is a publically listed company, which I have been told directed, or oversaw the Blue Chip operation."

"All of the records show the current directors are all in Australia, so we need to get from somewhere urgent funding so the liquidator can go over and seize the assets if there are any, but more importantly seize the company's documentation," Grove said.

Bryers stepped down from the board of Northern Crest in 2009.

Bryers escaped a prison sentence last year when he pleaded guilty to 34 charges relating to Blue Chip's mismanagement and improper accounting, angering investors who saw his punishment of a $33,750 fine and 75 hours' community work as inadequate.

Blue Chip collapsed in 2008, owing around 3,000 investors more than $80 million.

- NZ HERALD ONLINE