{"id":500937,"date":"2026-06-29T10:59:15","date_gmt":"2026-06-29T10:59:15","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/500937\/"},"modified":"2026-06-29T10:59:15","modified_gmt":"2026-06-29T10:59:15","slug":"bernard-whimp-fails-to-turn-up-at-chance-voight-liquidation-hearing","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/500937\/","title":{"rendered":"Bernard Whimp fails to turn up at Chance Voight liquidation hearing"},"content":{"rendered":"

An interim liquidators\u2019 report found its investors faced a \u201csubstantial shortfall\u201d and had a negative net asset position of nearly $12 million.<\/p>\n

On Monday, the High Court at Christchurch heard that the Chance Voight group was allegedly using new investor money for expenses.<\/p>\n

\u201cRecords reviewed indicate that interest, and in some cases redemption payments to investors, were funded primarily through new investor funds,\u201d said Richard May, counsel for the FMA.<\/p>\n

As part of its forensic analysis, the FMA randomly selected two individual investors in Chance Voight\u2019s mortgage investment fund, in order to trace where their investment deposits ended up.<\/p>\n

\u201c[Analysis of one investor] shows that of the deposit … a large proportion was used to pay another investor,\u201d May said.<\/p>\n

Breaking down how the investor\u2019s funds<\/a> flowed, May said \u201cyou can see it immediately comes into a lawyer\u2019s trust account and then moves to the MIF fund [mortgage fund] \u2013 so far so good\u201d.<\/p>\n

\u201cThen a large proportion is paid to another investor, and the bulk of it goes to CVICL [Chance Voight Investment Corporation Ltd], the top company, from where it is distributed far and wide,\u201d he said.<\/p>\n

May said the interim liquidators\u2019 report confirmed the FMA\u2019s concerns about the group.<\/p>\n

\u201cFirst of all, the CVI Group is materially insolvent. Secondly, investor obligations have been met primarily through new investor inflows,\u201d May said.<\/p>\n

He said the nature and significance of the FMA\u2019s preliminary findings were such that the FMA did not consider further investigations would likely alter its recommendations.<\/p>\n

Although Whimp was not present, the court also heard that one of his complaints was that he had not been interviewed by the interim liquidators.<\/p>\n

However, May said he had been spoken to for about five hours.<\/p>\n

Associate Judge Lester reserved his decision.<\/p>\n

Interim liquidators believed investors should expect a \u201csubstantial shortfall\u201d.<\/p>\n

The interim liquidators\u2019 report<\/a>, released earlier this year, said most investors and shareholders appeared to be 65 years and over, and based on conversations they had with investors, \u201can understanding of the full risk profile of the investments offered was often lacking\u201d.<\/p>\n

\u201cBased on discussions with a number of investors, it appears that many had limited financial knowledge despite being recorded as wholesale or otherwise exempt investors.\u201d<\/p>\n

The report said the complexity of the transactions across multiple entities, and the lack of visibility over records, meant it was not possible to estimate the outcome for investors.<\/p>\n

\u201cHowever, a substantial shortfall is anticipated,\u201d it said. \u201cIn addition, the level of intercompany and related party transactions requires consideration of whether pooling orders should be pursued.\u201d<\/p>\n

– RNZ<\/p>\n","protected":false},"excerpt":{"rendered":"An interim liquidators\u2019 report found its investors faced a \u201csubstantial shortfall\u201d and had a negative net asset position…\n","protected":false},"author":2,"featured_media":500938,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[9331,13613,1975,169656,138,1332,35698,2739,111,139,69,61,664,810,119292,250177,13614],"class_list":["post-500937","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-chance","tag-anan","tag-at","tag-bernard","tag-business","tag-fails","tag-hearing","tag-liquidation","tag-new-zealand","tag-newzealand","tag-nz","tag-to","tag-turn","tag-up","tag-voight","tag-whimp","tag-zaki"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/500937","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=500937"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/500937\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/500938"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=500937"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=500937"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=500937"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}