Chance Voight companies placed in liquidation

The High Court has placed six firms associated with Rangiora investment company Chance Voight in liquidation after finding the group was insolvent and operating an unsustainable business The High Court has placed six firms associated with Rangiora investment company Chance Voight in liquidation after finding the group was insolvent and operating an unsustainable business model. The Financial Markets Authority asked the High Court to appoint liquidators to Chance Voight's parent company and five core subsidiaries. The court heard the application at a hearing at the end of June.

Chance Voight director Bernard Whimp failed to turn up at the hearing. On Friday, the High Court issued a decision, finding the group was insolvent and reliant on new investor funds to meet existing obligations, and was unable to meet its debts as they fell due. An interim liquidators' report found Chance Voight investors faced a "substantial shortfall" and had a negative net asset position of nearly $12 million.

"Our primary goal in bringing the liquidation proceeding was to ensure the preservation of investor funds to the extent possible. The court's judgment confirms the FMA's concerns about the management of these companies, FMA head of enforcement Margot Gatland said. "The court found that the companies, with one exception, were insolvent, and that the evidence was overwhelming.

The remaining company was a holding company that did not trade and was wound up on the basis of a justifiable lack of confidence in its management. John Fisk, Lara Bennett and Malcolm Hollis of PwC were appointed liquidators of the six Chance Voight companies. The FMA said its investigation into Chance Voight was ongoing. The High Court has placed six firms associated with Rangiora investment company Chance Voight in liquidation after finding the group was insolvent and operating an unsustainable business model.