Former Blue Chip boss Mark Bryers has been released from bankruptcy by the High Court but is banned from managing a business in this country for the next seven years.
Bryers, who has been operating in Australia under the name Mark Ryan, this week applied in the High Court at Auckland to be released from his five and a half year bankruptcy.
Bryers' creditors lost more than $150 million in his bankruptcy. Creditors lost around $310 million in companies related to Blue Chip, which was a property investment scheme operating in this country until 2008.
In considering the matter, Associate Judge Jeremy Doogue said that Bryers did represent a risk, although noted he does not intend to relocate to this country.
AdvertisementAdvertise with NZME.
"If he were to return to New Zealand and re-involve himself in business, he would represent a commercial risk. The risk is that he will again be involved in businesses that are risky in nature and large in scale. There is therefore a risk of further losses to the public from Mr Bryers' business activities," the judge said.
Associate Judge Doogue said it was not up to him to comment on whether it was desirable from the perspective of the Australian public for Bryers to be taking part in business there.
"Given the continuing risk that Mr Bryers represents, I consider that there ought be an order in this case restraining Mr Bryers from business activities," he said.
Under the judge's order, Bryers is banned from managing a business, being a director of a company, or being employed by a relative in New Zealand for seven years.
"Such an order, when added to the period for which he has been an undischarged bankrupt, will mean that Mr Bryers will in total have been prevented from involvement in the management of businesses in New Zealand for a period of approximately 12 years," the judge said.