Mark Bryers managed companies that owe 'many, many millions'

Bryers makes his way to the Auckland High Court, for a court hearing to be discharged from bankruptcy. Photo / Brett Phibbs.

Many, many millions are owed by a group of 17 Australian companies former Blue Chip boss Mark Bryers helped manage, liquidators say.

BRI Ferrier was last week appointed liquidators of Sydney-based Talos Accounting Group, where Bryers worked under the name Mark Ryan to avoid negative associations with the collapse of New Zealand group Blue Chip.

Several Talos executives were involved with Bryers in the last years of Blue Chip. Creditors lost around $310 million in companies related to Blue Chip, which was a property investment scheme operating in New Zealand until 2008.

Liquidator Andrew Cummins said he did not have consolidated figures but the amount owed by the Talos companies, which offered accounting and financial services, was "many, many millions".

This was comprised of debts to three banks, staff and unpaid vendors of accounting firms acquired by the group.

"Allegations of impropriety" had been made but Mr Cummins told the Herald he could not elaborate at this stage.

Talos director Stephen Lacy initiated the liquidation in a process called a creditor's voluntary winding up and was co-operating.

Mr Bryers had not yet been approached but would be sought for interview as part of the liquidation process, Mr Cummins said.

Accountancy firms acquired by Talos would be put up for sale with proceeds expected to go to the banks as secured creditors.

In March Mr Bryers was released from bankruptcy by the High Court but banned from managing a business in this country for a further seven years.

The High Court heard accusations Bryers was running Talos Accounting Group in Australia, contrary to New Zealand law.

Associate Judge Jeremy Doogue said that individual instances put before the court did not disclose activity at director level but showed he was "plainly not just a consultant to the company but was discharging management decisions within it".

The judge said that Bryers used the alias Mark Ryan "to deceive people dealing with him in his role at Talos as to [his business history]", and that "Talos and Bryers adopted measures which were designed to portray Bryers as having a less than direct activity in the affairs of Talos than he actually did."

Bryers' creditors lost more than $150 million in his bankruptcy.

Mr Bryers has lived in Australia since 2006.