Bryers bankruptcy case delayed

Mark Bryers. Photo / Jason Dorday

Former Blue Chip boss Mark Bryers is likely to stay bankrupt until at least March next year with his High Court hearing delayed while the parties argue about evidence.

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

Bryers has lived across the Tasman since before his bankruptcy and the Herald this year revealed he was using the name Mark Ryan to be a key decision-maker in a business in Australia.

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

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

While that three-day hearing was scheduled to take place this week, it has now been put off until March 2 next year.

The adjournment was requested by the OA after Bryers filed affidavits from third parties in support of his application.

An argument about the admissibility of these affidavits is due to be take place this Friday.

Bryers attempted in September to avoid having to come back to New Zealand for the public examination and was concerned it could be turned "into a media spectacle".

However, a High Court judge rejected his application to be examined via video-link - so if Bryers wants to get out of bankruptcy, he will need to return to this country for the hearing.

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.

Bryers' track record

2001: Goes broke over apartment developments, creditors' claim to be owed $44 million.

2008: Blue Chip property investment group collapses owing $80 million to more than 2000 small investors. By now working for Blue Chip's Australian arm, Northern Crest Investments.

2009: Declared bankupt with debts of $230 million.

2010: Banned from being a director or manager until May 2015; SFO says insufficient documentation found to lay charges over Blue Chip.

2011: Northern Crest wound up by liquidators who execute "search and seizure" court orders on Sydney offices, find the server had been removed, computers wiped and shredder bins of documents ready for removal.

2012: Bankruptcy extended after Official Assignee objects to his release, Talos group of companies registered with hallmarks of Blue Chip operation, Bryers begins using the name Mark Ryan.

2013: Pays $37,000 fine imposed three years earlier for 34 financial reporting breaches.

2014: Applies to be released from bankruptcy, hearing date pending; Australian Tax Office investigating Talos Accounting Group, complaint made to ASIC about company's operation.