Blue Chip Co-Founder Mark Bryers would plead guilty in the Court to 31 remaining criminal charges, arising from the $173 million collapse of the Blue Chip Empire after earlier having admitted three charges laid by the Ministry of Economic Development.

Bryers' lawyer told the court that Bryers was living in Australia and would be back for a probation report to be prepared and would be present for sentencing in May.

Though most accusations relate to his failure to keep accounting books and records before his property empire collapsed, one carried a sentence of two years jail or a $50,000 fine. Of the 27 charges to which Bryers pleaded guilty under the Financial Reporting Act, many relate to failures to complete and sign financial statements within the given time frame.

It is believed that he owes more than $170 million. He runs businesses in Australia and lives in a luxury apartment. He had perjured by saying that his only assets were clothes, furniture and golf clubs.

Blue Chip was a complex property investment business with various subsidiaries and associate companies but the company collapsed in 2008 owing thousands of Kiwis more than $84 million.

However, when the guaranteed rentals needed by Blue Chip to pay debt, started exceeding its income, Blue Chip began its struggle again.