The Government and the Institute of Chartered Accountants have joined to offer some limited help to Blue Chip investors.
Liquidators were confirmed yesterday for Blue Chip New Zealand Ltd, being wound up by Australian parent company Northern Crest Investments Ltd.
Northern Crest, formerly Blue Chip Financial Solutions Ltd, announced the liquidation to the ASX last Thursday.
Liquidator Jeff Meltzer said his firm, Meltzer Mason Heath, had been appointed as the liquidators.
The firm is the liquidator for the 20 other companies associated with the New Zealand Blue Chip franchise operations.
The first liquidation report to creditors would be available within five working days in accordance with the Companies Act 1993, Mr Meltzer said.
Institute of Accountants chief executive Keith Wedlock said yesterday that investors "caught between a rock and a hard place'' could seek free financial advice from institute members while the situation was being sorted out.
"We already had one or two colleagues who had discussed positions with financiers to give the investors some time. After talks with Blue Chip Group liquidator Jeff Meltzer and Commerce Minister Lianne Dalziel, we agreed this service could be extended to relieve some of the
pressure on other investors who may be unsure where to turn to for help.''
The institute had compiled a list of accountants willing to give an hour of their time to offer advice to investors, he said.
The advice was needed urgently for investors, many of whom were elderly, to help them manage mortgage repayments after the loss of rental revenue.
The institute would take the guesswork out of the situation by putting investors in front of someone who had the knowledge and expertise to advise on the best course of action depending on circumstances.
Possible options included: asking the lender for a three-month deferral of payments or a reduction of interest or principal payments; refinancing offshore loans with a local bank or liquidating assets; and obtaining refinancing or funds from family members.
Ms Dalziel said many investors who had been caught up in the Blue Chip liquidations felt they did not know who to trust or where they could go for good advice.
The Companies Office had set up a freephone service that would help match callers to an institute member in their region who had volunteered to provide the hour of consultation, she said.
"At this stage, the initiative is aimed only at investors of any of the Blue Chip companies that are now in liquidation, and par-ticularly at those people who are in serious straits and in need of immediate financial advice.''
