KEY POINTS:
The first major court action by investors involving failed investment business Blue Chip has started.
Retired Whangarei couple Bruce Leonard Bartle, 69 and Dorothy Judith Bartle, 67, are fighting financiers over money loaned to buy an Auckland apartment through Blue Chip. The matter, which went before Justice Geoffrey Venning in the High Court at Auckland yesterday, was adjourned until July 24.
The couple have a joint annual income of about $20,000 yet they owe $372,239.15 to their financiers. They bought an apartment in a block at 135 Symonds St, taking out the large loan secured against their family home based on an agreement that Blue Chip would cover all repayments.
But more than 20 Blue Chip companies are in liquidation. Documents filed in court showed that on June 4, financier Tasman Mortgages (once owned by Blue Chip) demanded immediate payment of an outstanding $5000, saying unless the couple paid, they would get a notice under the Property Law Act, a precursor to forced sale of their Whangarei house.
The couple, represented by barrister Paul Dale, are the first plaintiffs with their company Bartle Properties Ltd.
