The Australian Securities and Investments Commission (ASIC) is urging all investors in the Westpoint mezzanine project to complete an online questionnaire so investigations into financial planners and directors can begin.

The commission is poised to take on the investigation, but investors have asked for and been granted an extension on filling out the questionnaire until May 14. The extension will give ASIC the opportunity to get a clear response to how Westpoint collapsed and how it affected investors.

Chairman Jeff Lucy says more than 1300 responses have been received and all investors are encouraged to complete the form before the time is up.

“The most important thing for us at this stage of our inquiry is to hear the full story from affected investors, and to hear it as quickly as possible,” he said.

“The response of investors to the questionnaire will be invaluable for ASIC not only in our investigations but will also help us decide what action may be necessary to assist investors.”

Based on Westpoint records, all investors have been notified about the questionnaire and the link on the website for investigation progress.

Recent speculation has come to light on the Westpoint case, with an unnamed manager quoted as saying director Norm Carey and his management team were aware that the property group was failing and would ultimately leave investors empty-handed.

The source says management had been aware of problems since 2003, and financial officers were altering documents to show a much rosier picture of how developments were going to attract more investors.

Financial planners and others involved in investment funds going into Westpoint are understood to have made more than $50 million in commissions – one-sixth of the total invested in the group.