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…