CHRISTCHURCH, 24 July 2026
Six companies at the centre of the Rangiora-based Chance Voight Group have been placed into liquidation after the High Court found the group was insolvent and depended on money from new investors to meet obligations owed to existing investors.
The liquidation orders follow an application by the Financial Markets Authority, which began investigating Chance Voight after receiving complaints and raising concerns about the group’s financial position, governance and use of investor funds.
Associate Judge Lester said the evidence of insolvency was overwhelming and found the business model was entirely unsustainable.
The Court appointed John Fisk, Lara Bennett and Malcolm Hollis as liquidators of the six companies. They had previously served as interim liquidators after the businesses were placed into interim liquidation in December 2025.
The FMA said its investigation into Chance Voight Investment Corporation Limited, its subsidiaries and associated people and entities remains underway.
Six companies ordered into liquidation
The companies placed into liquidation are:
Chance Voight Investment Corporation Limited
Chance Voight Investment Partners Limited
CVI Partners Mortgage Fund Limited
CVI Partners Mortgage Income Fund Limited
CVI Securities Limited
CVI Financial Limited
The six businesses formed the core of a wider corporate group comprising 27 entities.
According to the High Court judgment, the group was founded in 2021 and was based in Rangiora. Bernard Whimp was identified as its founder, chief executive and sole remaining director.
The group raised money from members of the public by offering shares and debt investments. Investors were told their money would support activities including property investment, mortgage-backed lending and investments in companies listed on the Australian Securities Exchange.
By December 2025, the group had raised approximately $54.2 million from investors, excluding money that had already been repaid.
Four debt-issuing companies received about $50.4 million of that total.
Returns of up to 13 per cent offered
The Court said investors in the debt-issuing entities were promised fixed annual returns generally ranging from about 10 to 13 per cent.
Interest was expected to be paid quarterly, with investments offered for fixed terms of up to five years.
However, the judgment found the assets purchased by the group did not produce enough income to meet its interest, redemption and operating obligations.
The group’s assets included Canterbury property and shares listed on the ASX, but the Court found these assets generated little material income.
Associate Judge Lester accepted the FMA’s submission that payments to existing investors had primarily been funded through money received from new investors.
“The fact is the Group does not have the ability to meet its obligations to investors without new investors providing funds,” the judgment said.
“The model is entirely unsustainable.”
The Court said further investment would not correct the financial position because each new investment created a corresponding new liability.
Group recorded an $11.8 million shortfall
Draft consolidated accounts and the interim liquidators’ findings showed the Chance Voight Group had a negative net asset position of approximately $11.8 million as at 30 September 2025.
The group also recorded a consolidated loss of $5.5 million during the six months to that date.
The Court found the losses were not caused by a temporary disruption or short-term timing problem. Instead, they reflected a business that was not generating enough revenue to support its costs and investor commitments.
Financial records showed the group generated only about $279,000 in external income during the six months to September 2025.
A significant portion of that figure was not received in cash. It related to interest charged to Mr Whimp and added to a loan balance.
The judgment said investor deposits made up approximately 94 per cent of all money flowing into the group between 2021 and September 2025.
This meant investor money was effectively being treated as operating income and used across the wider group.
Investor money was pooled across companies
Although investors were offered different products with separate stated purposes and risk profiles, the Court found substantial evidence that their funds were pooled.
Money deposited into individual investment entities was often transferred to the parent company and then used for a range of purposes across the group.
These included buying assets, paying operating expenses, meeting payments owed to other investors and paying fees to entities controlled by Mr Whimp outside the Chance Voight Group.
The Court said that, at its most basic level, investors were told their money would be used to purchase shares or make loans supported by mortgage security, but that did not always occur.
Before November 2024, the group operated through a single bank account held by an entity outside the group. Investor money was combined in that account and used to process transactions across the businesses.
$9.2 million paid in management fees
The judgment found the group paid approximately $9.2 million in management fees to CVI Management Services LP between April 2023 and September 2025.
That entity sat outside the Chance Voight Group but was owned and controlled by Mr Whimp.
The payments represented around 24 per cent of the total investor funds held by the group as at September 2025.
The fees were paid despite the group recording substantial trading losses.
CVI Management Services LP was placed into liquidation earlier this month in proceedings brought by Inland Revenue. It reportedly owed close to $1.5 million.
The interim liquidators also raised concerns about transactions and expenditure that appeared to relate to the personal interests of Mr Whimp and members of his family.
The Court noted that those matters, along with possible breaches of directors’ duties and the recoverability of related-party balances, required further investigation.
Older investors may face substantial losses
The interim liquidators reported that most investors appeared to be aged 65 or older.
Based on discussions with investors, the liquidators said many may not have fully understood the risk attached to the investments they were purchasing.
The Court found investors were likely to face a substantial shortfall because the realisable value of the group’s assets was considerably lower than the amount owed.
The precise amount investors and creditors may recover will depend on the liquidators’ investigations, asset sales, legal claims and the priority of competing interests.
In January 2026, 36 per cent of the approximately $50.4 million in debt securities issued by the group were due to mature within six months.
The group also faced significant short-term commitments, including wages, interest payments, property settlements and a proposed business acquisition.
The Court found there was no reasonable basis for concluding those obligations could be met.
Financial records criticised
A major part of the FMA’s case concerned the quality of the group’s accounting and governance systems.
The Court found there had been a persistent failure to maintain adequate financial records and prepare proper company and group financial statements.
Throughout 2025, the FMA issued four compulsory notices requiring information from Chance Voight entities.
The regulator said key records were either not supplied or did not provide a clear picture of the financial position of each company and the group as a whole.
The interim liquidators reported inadequate governance records, poor financial reporting, no audit processes, significant related-party transactions and decision-making that was highly concentrated around Mr Whimp.
Associate Judge Lester said the circumstances demonstrated why independent liquidators were required to examine how the companies had operated and protect creditors.
Holding company also wound up
Chance Voight Investment Partners Limited was treated differently because it did not actively trade and was not found insolvent on the same basis as the other five companies.
However, the Court ordered its liquidation on just and equitable grounds.
It found the company existed only as a holding company between the parent business and the four debt-issuing entities.
The judge said it would be artificial to treat the company as separate from the serious concerns affecting the wider group.
Its liquidation would also allow the liquidators to manage the group’s affairs more efficiently for the benefit of investors and creditors.
FMA says investor protection was the priority
FMA Head of Enforcement Margot Gatland said the regulator brought the liquidation proceedings to preserve investor funds as far as possible.
“Our primary goal in bringing the liquidation proceeding was to ensure the preservation of investor funds to the extent possible,” Gatland said.
“The Court’s judgment confirms the FMA’s concerns about the management of these companies.”
She said five of the companies were found insolvent, while the remaining holding company was wound up because the Court found there was a justifiable lack of confidence in its management.
Investigation remains open
The liquidation orders do not conclude the FMA’s investigation.
The regulator said it continues to examine Chance Voight Investment Corporation, its subsidiaries and associated individuals and entities.
Anyone with information has been asked to contact the FMA by email at cvi@fma.govt.nz or by calling 0800 434 566.
Investors and creditors seeking information about the liquidation should contact the liquidators at cvi@teneo.com.
The liquidators will now take control of the companies, investigate transactions, identify and realise assets, assess creditor claims and determine whether further legal action should be pursued.
Their work will ultimately determine how much money can be recovered and distributed to investors.
References
Financial Markets Authority, Chance Voight companies placed in liquidation, media release, 24 July 2026.
High Court of New Zealand, Financial Markets Authority v Chance Voight Investment Corporation Ltd in interim liquidation, 2026 NZHC 2113, judgment of Associate Judge Lester, 24 July 2026.
