KEY POINTS:
Investors with failed property business Blue Chip got no comfort from liquidators who today said there was little hope of any money being available to pay people.
The first report into 19 companies placed in liquidation last month showed apartment developments would not proceed and most companies had either no assets or their debts exceeded the estimated value of any assets.
The companies could owe as much as $58 million, according to reports from Meltzer Mason Heath.
One business, Kingsley Ltd, has estimated losses of $17.6 million and the liquidators said no distribution can be predicted.
Kingsley sold apartments in Auckland's St Martins Lane and at Clearwater Cove.
A creditors' meeting will be held later this month, with a national live video link to cater for investors spread throughout New Zealand.
- NZ HERALD STAFF
