Recommended.co.nz | Guide2.co.nz | Voxy.co.nz | Gimme.co.nz
Homepage | login or create an account

Court Orders Mark Bryers To Pay $4.3m Debt

Contributor:
Fuseworks Media
Fuseworks Media
Mark Bryers
Mark Bryers

Wellington, Sept 23 NZPA - The High Court ordered Blue Chip founder Mark Bryers to pay a $4.3 million debt to businessman Peter Francis.

The debt related to a term loan agreement Mr Bryers entered into in November 2007, via holding company Marcroft, now in liquidation, The Dominion Post reported today.

Under the guise of Marcroft, Mr Bryers received the principal of $2.47m from investment firm AD102. He was to repay the full amount plus interest by May 2008.

Associate Judge David Abbott told the High Court at Auckland that no grounds existed on which Mr Bryers could appeal against his summary judgment. He ordered Mr Bryers to repay AD102 the original amount lent to Marcroft plus interest and exit fees.

About guide2.co.nz : money

Find the latest money news and 'how to' guides on Guide2Money.

Ask our researchers your personal finance questions.

Your Questions. Independent Answers.