Mark Bryers from the Blue Chip Group sentenced in Court today

Mark Ronald Bryers was today sentenced in the Auckland District Court to a total of $37,470 and 75 hours community service in relation to 34 charges laid by the National Enforcement Unit of the Companies Office.

Earlier this year Mr Bryers pled guilty to these charges, which relate to offences under the Companies Act 1993 and the Financial Reporting Act 1993 (FRA).

The offences are in relation to the following companies connected to the Blue Chip property investment group (which collapsed in 2008):

Northern Crest Investments Limited
(formerly known as Blue Chip Financial Solutions Limited)

Two charges under section 36 of the FRA for not completing, signing and approving financial statements for the accounting period ended 31 March 2008.
Bryers was fined $16,875 and asked to pay $130 court costs for each of these charges.

Bryers was a Director of Northern Crest Investments Limited at the time of the offences.

Bribanc Property Group Limited

One charge under section 261 of the Companies Act for failure to attend a creditors meeting.
Bryers was charged 75 hours in relation to this charge.

While Bryers was the director of Bribanc Property Group Limited he was notified by the liquidators to attend a creditors’ meeting scheduled for 26 March 2008. Bryers left New Zealand over that period and failed to attend the meeting.

Marinc Group of Companies
(Including Marinc Limited [in liquidation] and Marinc Developments Limited [in liquidation])

27 charges under section 37 of the FRA for not completing and signing financial statements for “special vehicle companies” for the year ending 31 March 2007.
Bryers was convicted and discharged on each of these charges.
A group of companies connected to Marinc Limited were identified by the Registrar of Companies as “special vehicle companies” involved in the Blue Chip property investment scheme.

These companies are “exempt companies” under the FRA and are not required to file audited accounts with the Registrar of Companies. Mr Bryers was however still required to prepare, complete and sign financial statements.

Bryers was the appointed director of Marinc Limited over this period.

Marinc Limited and Porchester Limited

Two charges under section189 of the Companies Act for failing to keep registered office minutes of all meetings and resolutions of shareholders, directors and directors committees, within the last 7 years.
Bryers was fined $930 and asked to pay $130 court costs for each of these charges.
Swordfish Lodge Management Limited

Two charges under sections 194 and 239 of the Companies Act for not completing financial statements for the year ended 31 March 2007 and for failing to attend a meeting with the Voluntary Administrators.
Bryers was fined $930 and asked to pay $130 court costs for each of these charges.
Swordfish was placed into Voluntary Administration on 4 March 2008.