The OFMDFM committee discussed the situation resulting from the collapse of Staffordshire-based company Ocean View Properties, on 26 January 2011.
Dozens of people in Northern Ireland have each lost around £70,000 on holiday homes in Spain that were never built.
Committee chairperson and UUP leader Tom Elliott said he had met a group of Spanish lawyers who are hoping to launch a case in the Spanish courts.
Mr Elliott said he regarded the matter as, "a scam rather than an investment".
The DUP's Jimmy Spratt said there were, "folks out there calling for help".
Sinn Féin's Barry McElduff urged the committee "to do the maximum we can do" to help resolve the situation.
The committee agreed to write to the Office of the First and Deputy First Minister suggesting that the department take advice with the aim of supporting the legal claim.
The committee signed off on its report on the Armed Forces and Veteran Bill.
Sinn Féin members Martina Anderson and Barry McElduff expressed their party's objection to the bill as a whole and to each paragraph of the committee report.
Dolores Kelly of the SDLP said it was her understanding that there was new Westminster legislation that would render the bill redundant.
Mr Elliott said they had taken evidence on this point and it was not the case.