FINANCE

Lawyers join Govt freephone for Blue Chip victims

Wednesday 4 June 2008, 5:13PM
By Lianne Dalziel
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Commerce Minister Lianne Dalziel today welcomed an offer by lawyers to take part in the Companies Office freephone line to help victims of Blue Chip.

Lawyers from the Property Law Section of the New Zealand Law Society have joined members of the New Zealand Institute of Chartered Accountants (NZICA) to volunteer an hour's free advice to assist people who have lost money through the collapse of the Blue Chip group of property investment companies.

"I'm delighted by this generous offer. It is pleasing to see another group of professionals step up to help people start along the road to recovery following disastrous financial losses due to the Blue Chip debacle," Lianne Dalziel said.

"Blue Chip is like nothing I've ever seen before. It used a multi-layered, intricate and complex set of arrangements and it's going to take some time to untangle. The behaviour of some people connected with Blue Chip is coming under scrutiny so it's good to see professional bodies taking action to restore public confidence."

The freephone line is available to investors of any of the Blue Chip companies that are in liquidation. It is to assist people who are in serious financial straits and who face losing their homes in mortgagee sales. So far more than 80 investors have taken up the offer of assistance by members of NZICA.

Investors seeking help should call freephone 0508 197 510 during office hours.