Liquidators investigating the failed Chance Voight investment group say payments to investors appear to have been predominantly funded using money from new investors.

The finding is contained in the first liquidators’ report for six Chance Voight companies, which collectively held $54.2 million in investor funds when they were placed into liquidation.

The companies were placed into liquidation by the High Court at Christchurch on 24 July following an application by the Financial Markets Authority.

Liquidators Malcolm Hollis and John Fisk of Teneo and Lara Bennett of LMB Advisory said the companies and their wider group were materially insolvent, with no external sources of revenue identified.

“Based on our investigations to date, payments made in respect of operating costs, investor interest and investor redemptions appear to have been predominantly funded from new investor funds,” the report said.

The six companies are Chance Voight Investment Corporation Limited, Chance Voight Investment Partners Limited, CVI Partners Mortgage Income Fund Limited, CVI Partners Mortgage Fund Limited, CVI Securities Limited and CVI Financial Limited.

They were directed by Bernard Whimp and operated from a former registered office in Rangiora.

The report shows investors held $54.207 million across five of the companies when liquidation began. This included $3.787 million in equity and $50.42 million in debt investments.

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The liquidators said no new investments had been received and no redemptions had been paid since they were appointed as interim liquidators on 10 December 2025.

The companies had no physical assets when the liquidators were appointed.

Most assets recorded in their accounts were advances to related companies, mortgages over properties owned by other group entities, or accounting entries whose recoverability remains unknown.

Chance Voight Investment Corporation recorded $13.33 million in assets but had a book shortfall of $6.2 million.

Its accounts included $9.6 million advanced to subsidiaries, a $1.5 million GST refund and a $2.18 million receivable which the liquidators believe may represent unpaid share capital owed by parties related to Whimp.

The liquidators said they were investigating whether that money could be recovered.

CVI Partners Mortgage Income Fund had a recorded shortfall of $11.13 million, while CVI Financial had a shortfall of $9.1 million.

CVI Financial received another $8.4 million from investors after September 2025. The report said most of that money was advanced to Chance Voight Investment Corporation or its subsidiaries.

The liquidators also raised questions about a $6.6 million accounting entry recorded as a property deposit by CVI Partners Mortgage Income Fund.

They said it did not appear to relate to an actual property purchase agreement or cash deposit.

Instead, it appeared to represent an intended interest in a property owned by the estate of one of Whimp’s family members. The group had planned for a subsidiary to purchase the property once the estate process was settled.

The basis of that accounting entry remains under investigation.

The liquidators said the group did not have an external accountant or auditor. Its most recent draft management accounts covered the six months to 30 September 2025.

Whimp had not completed the standard liquidation questionnaire by the date of the report, although the liquidators had met with him during the interim liquidation.

Investigations will continue into possible asset recoveries, insolvent transactions and any breaches of law which may need to be referred to authorities.

The liquidators said it was not yet possible to estimate whether investors would receive any distribution or when the liquidation would be completed.

A general creditors’ meeting will not be held, but investors will be offered an opportunity to question the liquidators directly.

Bernard Whimp did not response to a request for comment.