A creditors and investors meeting is scheduled with liquidators for today, to update them on the demise of Hurricane House Ltd, the private investment and finance company which may owe up to $8.5 million.
Dunedin businessman Paul Nicholson is sole owner of Hurricane House.
He placed the company in the hands of liquidators last month, prompting an outcry from a small number of investors, some of whom could face losing family homes in default of equity-based loans taken out for investment in Hurricane.
Hurricane began trading in 2001 and was formerly Edinburgh Finance Ltd.
A key consideration of the meeting is likely to be that more than 50% of Hurricane's loan portfolio, about $4.5 million, is to a South Island-based finance company which has defaulted on the loan.
Lawyers are at present in negotiations to achieve settlement for this and other loans.
Liquidators have said IRD and employees are expected to receive a total $370,000 owed.
It was "likely" an unspecified repayment could go to unsecured creditors.
Up to 50 creditors and investors are expected to attend today's meeting, of which trade creditors are owed $84,600 and unsecured investor creditors $4.26 million.
There is also $2.93 million in unsecured loans associated with Mr Nicholson.
