A group set up to assist victims of financial company collapses, says it is considering taking legal action against Hanover Finance.
The company froze payments to investors late last month, while the owners Eric Watson and Mark Hotchin work on a restructuring plan.
The group, Exposing Unacceptable Financial Activities, says investors are growing increasingly worried about their funds.
A spokesperson, Suzanne Edmonds, says it is discussing with a lawyer the possibility of taking a group action against Hanover's directors.
Ms Edmonds says meetings are being held over the weekend in Tauranga and Auckland to discuss how the group action will work.