Blue Chip claim for $3m allowed

Mark Bryers, owner of the failed real estate investment company Blue Chip. Photo / Paul Estcourt

An Australian creditor of the former Blue Chip Financial Solutions has won a court ruling after liquidators denied its A$3 million claim.

Australia's Manifest Capital Management claimed money from Northern Crest Investments, formerly part of the now-failed Blue Chip empire co-founded by Mark Bryers.

Manifest filed a proof of debt for A$3 million as fees from an underwriting agreement.

But PKF's Steve Lawrence and Anthony McCullagh, Northern Crest's liquidators, had rejected that claim.

Justice Paul Health in the High Court at Auckland held that it should be allowed.

Lawrence and McCullagh said Manifest had advanced the money to a subsidiary of Northern Crest, Barkley Walsh.

Manifest refuted that and asserted that the money went to Northern Crest and was made around the time it was suspended from trading on the Australian Stock Exchange.