By ANNE GIBSON property editor
A new debt compromise arrangement from failed Auckland apartment developer Mark Bryers is due out in the next few days in a late attempt to stave off bankruptcy.
Mr Bryers and his companies have run up a $44.1 million debt, according to papers lodged in the High Court at Auckland.
But he wants 75 of his creditors to agree to a scheme of arrangement under the Insolvency Act so he is not declared a bankrupt.
The creditors are due to meet on March 16 at the Institute of Accountants in Remuera to vote on that proposal.
But Parnell accountant Geoff Hamilton said Mr Bryers was preparing a second scheme of arrangement which would focus on the net debt rather than the gross debt.
This second scheme must be sent to creditors seven days before next week's meeting, Mr Hamilton said.
Mr Bryers said last week that papers due to be filed by his lawyer would show that the total debt position of himself and his companies is less than the $16.1 million net exposure listed as part of the $44.1 million gross debts.
But a creditor of Mr Bryers has complained about the lack of information in the debt compromise proposal.
The Remuera-based Kay McIvor Family Trust is claiming $200,000 from Mr Bryers as part of his $44.1 million debt.
Andrew Kay, of the trust, said the $200,000 was a deposit on two houses in a Bryers development in Swanson that didn't happen.
Mr Kay said he had been declared a bankrupt and could not act as a trustee, but had attended the December 22 meeting of Mr Bryers' creditors, where he was voted to chair the meeting.
The meeting was then adjourned to March 16.
Mr Kay is demanding a list of the names of the creditors who Mr Hamilton claims support the Bryers scheme of arrangement.
But Mr Hamilton says Mr Kay has all relevant information and no vote has yet been taken on the scheme of arrangement.
He was merely referring to the canvas of creditors conducted by Mr Bryers, which gave an initial indication of support.
Mr Hamilton is also the proposed trustee for the debt compromise.
Following revelations of the Bryers collapse in Monday's Business Herald, Mr Kay wrote to Mr Hamilton asking for more facts. He wants copies of all documents lodged with the High Court and details of the upcoming meeting.
Mr Hamilton said all information would be provided before the meeting.
Mr Kay also disputed Mr Bryers' assessment of his debts being less than $44 million, or the $16 million detailed as the total debts minus loans not drawn down and assets sold.
But Mr Hamilton said Mr Bryers' debt position would be revealed in the second scheme of arrangement.
Mr Bryers said he had been advised by his lawyers not to comment. Only one creditor did not support him, he said. This was Harts Group (formerly Harts Reeves Moses) over a debt of $2.75 million.
Mr Bryers' lawyer, Maurice Tetley-Jones, said he could not comment.
Developer in late bid to avoid bankruptcy
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