On Thursday, Associate Judge Dale Lester ordered Financial Planning Ltd and Impact Enterprises Ltd - two companies of which Mr Kloogh is the sole director - be placed in liquidation.
No official tally of how many people and how much money is involved has been given, but the Otago Daily Times has spoken to dozens of people affected by the case, some of whom have substantial sums at stake.
In an earlier ruling, Judge Lester said at least $8million of investors' money was unaccounted for.
In court on Thursday he was told FPL had liabilities more than $12million, while IEL had liabilities of more than $500,000.
A report from interim liquidators Deloitte, which should provide a clearer picture of how many people are affected, is expected soon.
Lawyer Geoff Mirkin said the individual investors he has been acting for represented a sizeable sum of money.
In addition to helping those people, Mr Mirkin said he and several other Dunedin professionals had come together to offer assistance to the "Breathe Investors Group", formed as a support network for affected investors.
"We are gathering a team of experts, who are donating their time, to help those affected work through the process," Mr Mirkin said.
"We have a broad group with legal expertise, on a pro-bono basis, to explore all options."
Mr Mirkin said everyone had expected Mr Kloogh's companies would be put into liquidation.
"The big question now is what that means in terms of recovering any money?"
There might still be some investor funds frozen in accounts after the Serious Fraud Office executed search warrants on Mr Kloogh's premises on May 23, but no-one would know until Deloitte reported back, Mr Mirkin said.
"The frustration for the investors is that they don't have an idea what their position is ... but all the people who make themselves known to us or to the Breathe support group will benefit from what we do.
"I think there are still a chunk of affected people out there who no-one knows who they are or where they are, they've not been in touch with anyone or no-one has been in touch with them."
The SFO continues to investigate Mr Kloogh.
He has not been charged with any offence.
The Breathe Investors Group operates on an in-confidence basis.
Its co-ordinator said the assistance of Mr Mirkin and other professionals was greatly welcomed and a tremendous boost for investors.
"We had an affected investors group 10 days ago and there were a lot of affected parties," she said.
"I don't want to grow the group, but there are still some people who don't know about it, I think."
News of the liquidation order was the next step in what was likely to be a sad and lengthy process, she said.
"We're not holding our hopes up high at all ...
"There are a lot of people who feel ashamed that they have made what might be seen as unwise choices, but there are a lot of educated people who are doing it hard.
"They did their due diligence, they did the right thing, and it is very, very sad."
