Bankruptcy for Bryers’ former Aussie boss

Talos managing director unable to pay debts of $13m

The man who hired disgraced Blue Chip founder Mark Bryers to work at his Australian accountancy group, Stephen Peter Lacy, has been declared bankrupt owing $A12.8 million ($13.1 million).

His main creditors are banks, led by National Australia Bank owed $A3 million.

Mr Lacy was managing director of Talos Accounting Group, which collapsed in August last year after its strategy of acquiring other accountancy practices ran out of cash.

His bankruptcy notice dated September 2 gives his occupation as ICT project manager and does not mention Talos as an associated entity, although it does cite firms acquired by Talos – Broadview Accounting and Best For Less Tax.

Talos liquidator Andrew Cummins of BRI Ferrier has said the Talos group owes creditors “many millions.”

A report filed this month for parent company Talos Accounting Group showed one secured creditor owed $A2.4 million and 17 unsecured creditors owed $A2.8 million. No recoveries or payments have been made.

Mr Bryers was discharged from bankruptcy in New Zealand in March last year but is banned from taking part in the management or control of a business for a further seven years.

The High Court judgment on Mr Bryers’ release from bankruptcy noted that he did not intend to return to New Zealand and was working for Talos under the name Mark Ryan because Talos “had concerns that it would be damaged by any association between itself and Mark Bryers.”