Hamish Fletcher

Business reporter for the NZ Herald

Bluechip's Bryers in bankruptcy release bid

Blue Chip founder Mark Bryers. Photo / NZPA
Blue Chip founder Mark Bryers. Photo / NZPA

Former Blue Chip boss Mark Bryers is trying to get out of his bankruptcy of almost five years and so is due to have his financial affairs examined in the High Court this November.

Bryers was declared bankrupt in October 2009, owing creditors - by his own estimate - $173 million.

Westpac was due $11 million while failed finance company Bridgecorp was owed $47.5 million.

Bryers has lived across the Tasman since before his bankruptcy.

People are normally automatically discharged from bankruptcy after three years but in Bryers' case the Official Assignee objected to his release.

The Blue Chip co-founder has now applied to be discharged, which means he will go through a public examination in the High Court at Auckland.

The Herald understands this is due to take place over three days this November.

It has not yet been decided whether Bryers will appear for this examination in person or via video link.

Bryers was the co-founder of the collapsed Blue Chip property investment company, which targeted people concerned about retirement. Thousands of people invested with it and were left out-of-pocket after Blue Chip's collapse.

He admitted 34 charges in 2010, including for book- and record-keeping failures under the Companies Act and the Financial Reporting Act.

He was sentenced to 75 hours' community work and a fine of $37,500, which was reportedly left unpaid until 2012.

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