Blue Chip liquidators confirm end of legal pursuit of Bryers, former directors

Thu, 18 Jul 2013

July 18 (BusinessDesk) – The liquidator of Blue Chip Group has dropped proceedings against the failed property investment group’s former directors and auditors saying it was unable to raise enough funds for a legal battle. The company failed in 2008 owing $84 million to more than 2,000 investors. Liquidator Meltzer Mason Heath filed a $40 million claim against the failed property investment group alleging “inherent flaws” in its business model, which involved selling apartments off the plan in Auckland’s central business district. The lawsui...

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