Last month, two Deloitte employees were named as interim liquidators of Financial Planning Ltd and Impact Enterprises Ltd, firms Mr Kloogh was sole director of.
In June the FMA suspended Mr Kloogh's status as an authorised financial adviser for three months.
Last month the Financial Markets Authority succeeded with an application for the firms to be placed into interim liquidation, pending a High Court determination if they should be finally placed in liquidation.
Associate Judge Dale Lester's judgement said ''in excess of $8 million'' of clients funds remained unaccounted for. The interim liquidators are due to report to the court next week.
They said yesterday that confidential report would only be addressed to the court.
''That said, the interim liquidators wish to keep investors informed and will be reporting directly to the investors on or about August 31.''
Judge Lester's reasons for judgement did not disclose how many investors might have money in either of Mr Kloogh's companies.
However, the Otago Daily Times has been contacted by dozens of potentially affected parties since authorities began investigating Mr Kloogh's companies.
An affected investors group is offering support to many more.
Sums invested range from tens, to hundreds of thousands of dollars apiece. Some families had life savings with Mr Kloogh.
Several more people contacted the ODT yesterday, one of whom had invested funds with Mr Kloogh for more than 30 years.
''It's devastating. It's kind of hard to believe, and it's surprising how much may have gone.
''We thought he was going to look after our money ... We trusted him,'' the investor said.
Another long-term investor said they had been receiving monthly statements from Mr Kloogh so had assumed their money was safe.
''I just want to know where I stand now.''
Lawyer Geoff Mirkin, who is assisting numerous people who had funds invested with Mr Kloogh, said his clients were numbed by what they were caught up in.
''They trusted him and they are struggling with the fact that their life savings may well be gone, because of someone that some of them regarded as a friend.
''Some retired knowing they would receive a regular monthly income from their investments, and they have now had no income for several months.''
Judge Lester's decision said there was a real risk to the companies' assets and the funds of client investors.
''It was necessary for interim liquidators to take charge of and locate the two defendant companies financial and other records, to exercise control over and maintain the value of the companies' assets and the assets they control and to ... prevent further losses and hopefully use the powers they hold to trace further client funds.''
The Serious Fraud Office launched an investigation into Mr Kloogh in May. No charges have been laid.
