Investors who paid thousands for deposits on apartments and townhouses not yet built could be in the worst position as clients with associates of Blue Chip's New Zealand franchisee.
Insolvency expert Jeff Meltzer said many people had put down money for units which were yet to be developed.
Those who owned properties already built could be in a better position, he said, because they had an asset which was finished and producing rent.
About 4000 investors bought more than 2000 properties worth many millions of dollars hoping to save for their retirement.
But they are now desperate to hear the outcome of one of the country's biggest corporate forensic investigations.
Yesterday, the Australian-listed entity Blue Chip Financial Solutions (Ltd) was suspended indefinitely from the Australian Stock Exchange at the request of the company. The company's shares had been in a trading halt for two days.
In a separate development this week, 19 companies linked with Blue Chip's New Zealand franchisee went into liquidation and Meltzer said the task ahead of him was enormous because he had to uncover assets and liabilities of all the businesses.
Many of the clients, mainly aged in their 50s and 60s and desperate to save for their retirement, are now aghast at the situation they find themselves in.
But clients who paid deposits for units never built in suburban Auckland or the city's CBD had far less security.
Paul Dale, a barrister acting for a group of investors, said it was crucial to discover what stage every apartment or residential development was at.
Deposit money paid for these units left the investors classed technically as unsecured creditors of the various companies, he said.
People had paid deposits for units in a development at 18-29 Turner St in Auckland's CBD, Dahlia Rose at Gulf Harbour in Whangaparaoa, the Stadium development on Beach Rd in Quay Park, Icon on St Martin's Lane in the city, Addison on Porchester Rd in Papakura and 233 Rosedale Rd at Albany, Dale said.
Meltzer said he planned to hold a creditors' meeting, most likely early next month.
