Bryers will be scrutinised in the High Court next week by a lawyer for the Official Assignee who administers his bankruptcy. Photo / Jason Dorday
Bryers will be scrutinised in the High Court next week by a lawyer for the Official Assignee who administers his bankruptcy. Photo / Jason Dorday
Bankrupt former Blue Chip creator Mark Bryers is drawing a salary of A$300,000 ($310,000) from a similar business in Australia.
Bryers, who has filed an application to be discharged from his bankruptcy, will be scrutinised in the High Court next week by a lawyer for the Official Assignee who administershis bankruptcy.
Bankrupts are not allowed to own or manage companies. Bryers has said his involvement in a financial services and property investment business is as a consultant.
He is expected to argue that he has complied with his bankruptcy requirements. Phillip Cornege, for the Official Assignee, will argue that a raft of documents from companies including Talos Accounting Ltd and Stendar Pty Ltd, show he was a key manager and breached bankruptcy conditions.
In October the Herald revealed that Bryers was using the name "Mark Ryan" while a key decision-maker in the business. He was listed on company documents as "general manager". Company records indicate that Bryers was employed fulltime and paid A$300,000. Other documents seen by the Herald record him making key operational and staff decisions.
In a statement last September, Bryers said "at no time was I responsible for managing Talos Accounting", and that he had worked in Australia "as a consultant", while the company said "[It] was aware that Mark Bryers was working under the name of Mark Ryan in order not to draw attention to himself, given the intensity of media attention his name draws."
Blue Chip collapsed in 2008, leaving more than 2000 investors with losses of more than $80 million.
