The first stage of the development, which began two and a-half years ago, was due to be completed within five months, and on Monday a spokesman for the project, Klaus Sorensen, told the Otago Daily Times the development was "going ahead" and construction was "all go".
However, it was announced yesterday Brendon Gibson and Grant Graham, of KordaMentha in Auckland, had been appointed over Melview (Kawarau Falls Station) Investments Ltd and Melview (Kawarau Falls Station) Development Ltd.
Nigel McKenna, of Auckland, is listed as sole director of both companies. Both are associated with stage 1 of the Kawarau Falls Station development.
On completion, the development is projected to incorporate 1100 units and 13 buildings, boulevard-style streets, restaurants and parks on the 6.4ha site.
In a statement, Mr McKenna confirmed the two companies had receivers appointed by Bank of Scotland International.
He said no other Melview Group companies were involved. Melview's hotels division, which manages the Westin and the Quadrant in Auckland and the Holiday Inn in Wellington, were unaffected.
He understood receivers were asking contractors to continue work "on the basis that funding would be available". Stage 1 was "on budget, fully consented and paid up to date", as of yesterday, Mr McKenna said.
The initial stage includes two of a planned six hotels - the Quadrant and the Westin - and three residential buildings providing town houses, duplex units and apartments for Melview Developments.
The Quadrant is due to open early next year, and the Westin in 2010.
Melview Developments also developed the Beaumont Quarter and Lighter Quay projects in Auckland.
Mr McKenna described Kawarau Falls Station as "an infrastructure project of national importance to our tourism industry which will create the first convention facility for Queenstown capable of seating 1000 people under one roof".
Queenstown Lakes Mayor Clive Geddes said last night there was a "positive" in that workers would remain on site for the time being.
"My understanding is work at the site will continue and I think there's a positive in that, until such time as the receivers have completed a full assessment.
"Having done that, they will then clearly be making some recommendation to the banks," he said.
Mr Geddes said the council would assist the receivers with relevant information.
On behalf of the receivers, Mr Gibson said they would "assess construction costs and associated revenue streams" for the development.
"The current intention is that construction work will continue to be funded in the interim while all the options are assessed.
"We envisage that this assessment will most likely take a couple of weeks."
In June 2008, it was reported the project would underpin the construction industry in Queenstown for the following four years. About 800 labourers expected on site by the middle of this year.
A spokesman for Rilean Construction, the company awarded the contract to build the three residential buildings in Stage 1, was unable to make any comment on the number of workers on site when contacted by the ODT yesterday.
It is understood up to 500 workers are employed on site at present.
Mr Sorensen told the ODT yesterday a "substantial part" of Kawarau Falls Station had already been sold to two British buyers - a private investor and Blue Sky Capital.
Kawarau Falls Station was originally owned by Queenstown founder William Rees, who established the first buildings on the site in 1864.
