Blue Chip's Bryers NZ's biggest bankrupt?

The founder of failed property investment company Blue Chip, which cost about 3000 investors more than $80 million, now lives in Sydney and does consultancy work for Northern Crest Investments Ltd. He drives a late-model Peugeot, earns $12,000 a month and lives in a $2.5m apartment.

http://tvnz.co.nz
May 24, 2010

Blue Chip's Bryers NZ's biggest bankrupt?

Bluechip co-founder Mark Bryers Source: NZPA

Blue Chip boss Mark Bryers, who entered bankruptcy last October, owes $235 million in what is believed to be the country's largest bankruptcy, says a newspaper.

Bryers, who was sentenced in the Auckland District Court last Thursday to 75 hours of community work and fined $37,500, claimed last year that he had only $300 in a bank account after the collapse of his finance schemes, according to court documents reported by the Herald on Sunday.

When Bryers appeared for sentencing on 34 charges of failing to keep proper financial records and failing to attend a creditors meeting, Judge Chris Field rejected a submission from Bryers' lawyer that community work was not practical.

The founder of failed property investment company Blue Chip, which cost about 3000 investors more than $80 million, now lives in Sydney and does consultancy work for Northern Crest Investments Ltd. He drives a late-model Peugeot, earns $12,000 a month and lives in a $2.5m apartment.

Bryers' employer at Northern Crest, Marc Wilson, tried to convince the judge to let him off with a fine, the newspaper reported.

"The price that Mr Bryers has already paid includes the loss of his marriage, being alienated from his extended family, being reviled by many people in New Zealand, being financially decimated and made bankrupt."

Wilson also wrote to say a scheme planned to repay Blue Chip investors was likely to be cancelled if Bryers was given community work.

According to the court documents, Bryers' debt was calculated at $235m. The Insolvency Office Assignee, which oversees bankruptcies, had not yet received all the information it had demanded.

Bryers' fine would still have to be paid once he exits bankruptcy.

http://tvnz.co.nz/business-news/blue-chip-s-bryers-nz-biggest-bankrupt-3564789


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