The statutory managers of Aorangi Securities have filed legal proceedings to determine who owns $60 million worth of investments.
Grant Thornton says the assets were introduced into Aorangi by the late Allan Hubbard and his wife, through various entities, but the manner of its introduction was unconventional and the transfer of legal title of assets to Aorangi was not completed in most cases.
Grant Thornton says it is a complex situation and it needs the High Court to determine that the assets are legally owned by Aorangi.
But because of the court's heavy schedule, a hearing is unlikely to take place this year.
So far the statutory managers have distributed 12 cents in the dollar to Aorangi investors. Because further distributions are dependent on the outcome of the court action and other loan recoveries, it may be some time before investors receive more cash.
Allan and Jean Hubbard were placed in statutory management in June 2010, along with seven charitable trusts and two investment vehicles, including Aorangi.
After Mr Hubbard died in a car crash in September last year, 50 fraud charges against him were withdrawn, and the couple were later released from statutory management.