Bryers' sentencing today on 34 offences

Mark Bryers. Photo / Paul Estcourt

Former Blue Chip director Mark Bryers will be sentenced today for 34 convictions related to failed book and record keeping, and failure to attend a creditors' meeting, in relation to Blue Chip and its associated companies.

Bryers, who is currently living in Sydney, was bankrupted at the High Court at Auckland in October.

He is not, however, bankrupt in Australia, where he has business interests.

He pleaded guilty to three charges in October and another 31 in February. The charges, laid by the National Enforcement Unit of the Ministry of Economic Development (MED), were not for fraud offences but relate specifically to book- and record-keeping failures under the Companies Act and the Financial Reporting Act (FRA).

Early this year, the MED said through its lawyer, Sam Wimsett, it would not seek a jail term for the only offence punishable by one - failure to attend a creditors' meeting. But Bryers still faces a $50,000 fine.

The MED withdrew 38 charges, relating to a number of failures to keep books and records, laid before some of the documentation was made available.

Bryers may be given community service work as part of that sentence.

Today, Bryers will be sentenced on two convictions under the FRA for not completing, signing and approving financial statements for the accounting period ended March 31, 2008 for Northern Crest Investments. The fine will not exceed $100,000 for each conviction.

He will be sentenced on one conviction under the Companies Act for failure to attend a Bribanc Property Group creditors' meeting, the fine not exceeding $50,000.

Bryers will be sentenced on 27 convictions under the FRA in relation to the Marinc Group of companies, including Marinc in liquidation and Marinc Developments in liquidation, for not completing and signing financial statements for "special vehicle companies" for the year ending March 31, 2007. The fine will not exceed $10,000 for each conviction.

Bryers will still face two charges under the Companies Act for failing to keep registered office minutes of all meetings and resolutions of shareholders, directors and directors committees within the last seven years for Marinc and Porchester, the fine not exceeding $10,000 for each charge.

Finally, he will face two charges under the FRA for not completing financial statements for the year ended March 31, 2007 and for failing to attend a meeting with the voluntary administrators for Swordfish Lodge Management.

When Blue Chip collapsed in February 2008, the company owed $80 million to more than 2000 investors. Creditors include GE Finance, Bridgecorp and Westpac.