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Receivers have been appointed to a business involved in the upmarket Gulf Harbour Country Club north of Auckland after a default on a loan.
Mark Bryers, who founded the collapsed Blue Chip business, is the golf club company's sole director and now lives in Australia.
An Auckland insolvency specialist said large amounts of money were owed by the business to a financier which he represents.
Tim Downes of accountants and auditors Grant Thornton said he was involved as a receiver of financier Capital+Merchant which had loaned money to the golfing club company, although he could not say how much.
His firm had appointed receivers to the business after big money problems, he said. "Gulf Harbour Country Club Ltd owes Capital+Merchant Finance a significant sum and under security, we as receivers of Capital + Merchant have appointed another party to be the receiver of that company," Downes said yesterday.
That other party is insolvency and forensic accounting business Corporate Finance.
Downes said the receivership was yet to be advertised but he expected that to happen this week. Nor had the appointment been noted on the company's records at the Companies Office, he said, but that too was imminent, he said.
Blue Chip had about 3000 investors who bought around 2000 properties. Now, 22 companies are in liquidation and some investors have started court action to recover their money.
