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Blue Chip liquidators "delighted" with Bryers offer

Liquidators of the companies related to Blue Chip's New Zealand franchisee are "delighted" at the company founder's pledge of $25 million to repay investors.

Friday, February 22nd 2008, 12:00AM

by The Landlord

Nineteen companies associated with the property investment company have gone into liquidation, leaving thousands of investors in the dark about millions of dollars invested.

The Commerce Commission is investigating whether there were any breaches of the Fair Trading Act, and the Serious Fraud Office is also investigating.

Jeff Meltzer, of liquidators Meltzer Mason Heath, welcomed Blue Chip founder Mark Bryers' offer to launch a compensation fund of up to $25m from his own property developments.

"I don't know the full level of the total debts, but in Mark Bryers' estimate in his view, that would ensure that everyone is fully paid," Meltzer said.

"That's his opinion, I can't comment on that, but obviously it's a significant and substantial amount of money that I'd be delighted to get my hands on."

Bryers' offer was an unconditional undertaking.

"It's the profit from a development, and he'll be giving secured guarantees in that regard and we will be monitoring the progress of the development to ensure that everything flows the right way," Meltzer said.

Meltzer also said liquidators had been granted an extension to file their report, as the five days under the Companies Act for filing first reports was too short, given the large number of companies involved.

The High Court at Auckland extended the deadline for the report to March 7, and the calling of a creditors' meeting to March 28.


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