Indef inite NZ ban possible for Blue Chip head

Bankrupt businessman tells court hearing he won’t be back, as lawyers argue the issues, Richard Meadows writes.

Blue Chip founder Mark Bryers says he has no intention of returning to New Zealand, after a final court appearance to try to lift his bankruptcy.

The former business high-flyer is under examination at the High Court in Auckland as he attempts to discharge a bankruptcy that has lingered almost 51⁄ years. Bryers was bankrupted in late 2009 with personal debts of $230 million, claiming at the time he had nothing to his name but clothes, furniture and a set of golf clubs.

Shortly afterwards he was fined $37,500 and sentenced to 75 hours of community service after pleading guilty to bookkeeping charges relating to Blue Chip’s collapse.

While Bryers’ bankruptcy would have usually been automatically discharged after three years, the Official Assignee (OA) lodged an objection.

Having lived and worked in Australia for most of the past eight years, Bryers is in New Zealand one last time to be publicly examined.

However, he told the court he had no intention of returning to the country again. ‘‘I think this is my last visit.’’

Bryers did not concede he had mismanaged the Blue Chip companies, which still owed investors up to $120m when liquidators threw in the towel in 2013. The court will decide whether to discharge his bankruptcy and whether any conditions will be attached.

One of the options under discussion is an indefinite ban on business activities in New Zealand. The issue at the heart of the proceedings is whether Bryers flouted a ban on being a company manager or director in Australia.

While the OA has acknowledged it has no legal jurisdiction, it said the matter related to Bryers’ conduct after he was bankrupted.

Using the alias Mark Ryan, Bryers claimed he worked as a ‘‘consultant’’ for Talos Accounting Group, although he was named general manager on an internal document. Talos executive director Lawrence Eakin told the hearing the title was a mistake and Bryers had provided only strategic advice.

The OA’s lawyer, Phillip Cornege, argued Bryers was in fact in a managerial role, in breach of Australian insolvency law. Cornege pointed to the fact the director of Forsite Marketing, Bryers’ employer, was also involved with Talos.

‘‘The reality is this is all just artificial, isn’t it, Cornege said. ‘‘This isn’t just a third party consulting firm that Mr Bryers is employed by. All of the people and all of the places cross over.’’

Eakin denied the structure was contrived, or that Bryers called the shots while pretending to be a consultant. He said Bryers assumed the surname Ryan ‘‘because of the odium surrounding the Mark Bryers brand’’. ‘‘ We were concerned that his involvement could create problems for the company, hence the use of . . . a nom de plume.’’

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