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Investors who put money into property investments through Auckland-headquartered property business Blue Chip will have to wait longer to find out how much money they will recover.
Jeff Meltzer, liquidator of 19 property companies associated with Blue Chip's New Zealand franchisee, has applied to the High Court for extra time to prepare his first reports.
Three companies went into liquidation on February 8 and a further 16 followed early last week.
Meltzer has five working days to file the first reports but said he needed far longer due to the complex nature of the businesses.
He has now written to creditors and investors advising them of the delay and saying he still intends to hold a creditors' meeting.
"We wish to present a full and meaningful report with detailed financial information along with our proposal for conducting the liquidations. We also wish to undertake investigations prior to the creditors' meeting and to be able to report fully at the meeting. Once we have the extension, I will give you further time frames," Meltzer said.
