Flanked by two bodyguards, Blue Chip frontman Mark Bryers showed the first sign of fear when he walked the streets of Auckland last week, aware that out there are people not so pleased to see him back.

The customary swagger and beaming smile were replaced with tight nervousness as Bryers stood in the dock at the Auckland District Court to plead not guilty to seven charges laid by the Companies Office.

The charges were adjourned until May 29 when he will face a further 60 charges laid by the Companies Office.

But those charges, likely to attract a fine if they stick, are the least of his worries.

On Friday, the threat for Bryers came outside the court, from people who allege they are owed money and are sick of waiting.

Fortunately for Bryers, many of the irate Blue Chip investors were locked in a meeting with their barrister Paul Dale elsewhere in Auckland.

But two process servers, representing several parties, jostled past Bryers' minders, one literally throwing a bundle of documents to make sure he was "served". And again in the court foyer, another hefty bundle was shoved at him.

Those two bundles of documents, representing millions of dollars worth of debt and bankruptcy proceedings, could put Bryers out of business by ending his ability to operate, and be a director of, a string of companies.

One of the bankruptcy notices served on Bryers was for a debt of $4 million to an Auckland businessman.

The man said he expected proceedings to be heard within two months and then he would do the same in Australia to put Bryers out of action.

Bryers was worried about the possibility of going to jail and about his safety, the businessman said.

"That's why he had bodyguards with him. He's pissed so many people off there's a chance there is a lunatic among them."

More worrying for the Blue Chip co-founder than the looming threat of bankruptcy will be allegations of fraud, alleged by Dale and outlined in an injunction served on Bryers on Friday.

Next month, Dale will take a test case to the High Court involving a couple who bought an apartment in an Emily

Place development from a Bryers-related company. Dale alleges the couple paid a sizeable deposit on a development that was never built and then the land was onsold.

"We have alleged fraud on Mr Bryers' part. We are not prosecuting but we are hoping that the Serious Fraud Office will."

Dale said there was much more detail to emerge. "It won't be the last time we sue him [Bryers].

There is lots more to come."

Waiting in the wings for the outcome of that case will be 300 other similar cases, many of whom stand to lose their homes as banks and finance companies demand repayments.

Last week, Dale filed proceedings in the High Court on behalf of investors to stop mortgagee sales - involving GE Money, TEA Custodians and TEA Pacific - of their homes going ahead.

Dale has also alleged in an affidavit that the Blue Chip group of companies had been insolvent since 2004.

In addition to Bryers, other "officers of Blue Chip" would be sued for reckless trading, he said.

And Dale will join forces with the Companies Office which has applied to have Bryers' company Northern Crest

Investments Ltd (formerly Blue Chip Financial Solutions) wound up in the High Court on Friday.

Northern Crest is registered in New Zealand even though Bryers operates it from his Sydney office.

A spokeswoman for the Ministry of Economic Development said while it was possible for Bryers to start another company in New Zealand, he was likely to be banned as a director (under section 385 of the Companies Act) because he had already been a director of a series of failed companies.

Dale will be back in the High Court on May 11, this time for a six-week trial involving three developers that took over former Blue Chip developments - Icon, The Bianco and Barclay, all in inner-city Auckland.

Dale said there were more serious charges to emerge. "We are piecing it together ourselves through people who come out of the woodwork and documents that are leaked to us."