Blue Chip goes into liquidation
Blue Chip said, in an announcement to the Australian Stock Exchange, that it was also changing its name to Northern Crest Investments “in order to quarantine the listed company from the reputational damage associated with the cancellation of the New Zealand franchise which operated under the Blue Chip brand.”
It says liquidators are yet to be appointed.
The Blue Chip New Zealand subsidiary performed a centralised treasury function within the group prior to the sale of the business to the New Zealand franchise, the company says.
Liquidators of the companies associated with the New Zealand Franchise requested Northern Crest put Blue Chip into liquidation “in order to provide greater transparency to the process they are undertaking.”
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