Source: Radio New Zealand
A Canterbury investment company appears to have used investors’ money to fund personal interests of its director and his family members, while investors face a “substantial shortfall”, according to an interim liquidators report.
In December 2025, the Financial Markets Authority sought the liquidation of Rangiora-based Chance Voight Investment Corporation Limited (CVICL), and five of its main subsidiaries.
The interim liquidators report by PwC was released on Wednesday after the High Court in Christchurch lifted suppression.
The report which was dated 26 January recommended the High Court place the companies into liquidation.
PwC said investor funds totalled about $54.2 million as at 10 December 2025 (when the interim liquidators were appointed), comprising about $50.4m in debt investments and $3.8m in CVICL equity.
PwC said investor interest – and in some cases, redemption payments – were largely funded by new investor money, not investment returns.
Key findings included extensive activity related to Chance Voight director Bernard Whimp’s personal interests.
“A substantial level of activity and use of investor funds, including via advances to related entities outside of the group, appears to be related to the personal interests of the director and his family members,” the interim liquidators report said.
It went on to say: “Decision-making within the group is highly centralised to one person (Mr Whimp) with no independent oversight, inadequate governance records, and significant related-party transactions.”
The report highlighted poor financial record keeping practices, with limited management accounting reports, and only recent efforts to prepare consolidated financial statements, and no audit processes.
“We believe these issues would persist were control to be returned to the director,” the report said.
The interim liquidators recommended the High Court order the liquidation of further entities related to Chance Voight, including CVI Management Services Limited Partnership, which had Whimp as the sole limited partner.
The report said this entity received $9.2m in management fees over the last two-and-a-half years, and the dollar figure represented 24 percent of funds received by the group from external investors as at 30 September 2025.
Another related entity scrutinised by the interim liquidators was CVI Projects Limited.
“Substantial investor funds have been advanced to this entity, much of which appears to relate to the matters/properties of the director and his family’s personal interests,” the report said.
“No security has been identified as being registered over the properties that appear to have received the benefit of the majority of this funding.”
Investors should expect a “substantial shortfall”
The interim report said most investors and shareholders appeared to be 65 years and over, and based on conversations they had with investors, “an understanding of the full risk profile of the investments offered was often lacking”.
“Based on discussions with a number of investors, it appears that many had limited financial knowledge despite being recorded as wholesale or otherwise exempt investors.”
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.
“However, a substantial shortfall is anticipated,” it said. “In addition, the level of intercompany and related party transactions requires consideration of whether pooling orders should be pursued.”
Chance Voight Group “materially insolvent”
The group reported a consolidated loss of $5.5m for the six-months ended September 2025.
“Losses of this scale, which are not linked to temporary disruption or timing, confirms that the underlying business activities is not viable,” the report said.
“We have assessed that CVICL and the majority of its subsidiaries are both balance sheet and cash flow insolvent on a standalone, and consolidated, book value basis.”
It also found the group had a negative net asset position of $11.8m.
“The realisable value of the Group’s assets will be insufficient to meet liabilities,” the report said. “Any possible recovery would require an unrealistic uplift in asset values.”
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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand
