KEY POINTS:
Blue Chip New Zealand Ltd is joining 20 other related companies in voluntary liquidation.
The collapse of the companies has left many creditors with huge mortgages over investment properties.
The latest move was announced today by the Australian company formerly called Blue Chip Financial Solutions.
In a statement to the Australian stock exchange the company, now called Northern Crest Investments, said liquidators had yet to be appointed to Blue Chip New Zealand, which was one of its trading subsidiaries in this country.
"This particular subsidiary had performed a centralised treasury function within the group prior to the sale of the business to the New Zealand franchise," Northern Crest said.
Blue Chip New Zealand had effectively ceased trading.
Liquidators of the companies associated with the New Zealand franchise had asked that the action be taken to provide greater transparency, Northern Crest said.
A number of other trading subsidiaries in this country were unaffected by the liquidation and their primary function in the next year would be to collect receivables.
Liquidator Jeff Meltzer confirmed Blue Chip New Zealand was in the process of being put into liquidation and that he had asked for the move which would be helpful to his investigation.
It was one of the further liquidations to come that he had advised investors of at meetings in Auckland last month. He would give no indication of how many more there might be.
Shares in Northern Crest - then-Blue Chip Financial Solutions - were voluntarily suspended from trading on the ASX on February 14.
- NZPA
