Ray of hope for Blue Chip investors
Tue, 06 Sep 2011 4:41p.m.
Investors stung by the collapse of the Blue Chip
property investment group will have a hearing in the Supreme Court in
their battle to get out of agreements to buy apartments marketed by the
The country's highest court granted the group of around
300 leave to appeal against a previous Court of Appeal decision which
bound the investors to proceed with the purchase of apartments in three
inner-city buildings in Auckland.
Investors had paid deposits for
apartments on the understanding that Blue Chip would sort out rental
agreements to cover costs and then buy back the properties at a later
Blue Chip owed millions of dollars when it folded in February 2008, leaving its clients in a financial hole.
The decision of the Supreme Court is based on whether the sales agreements were covered by the Securities Act.
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20/11/2011 9:30:03 a.m.
Tuia Maeva wrote:
Your coverage of the currency page is very satisfying to my
Thank you so much.
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