Insolvency Management Ltd, of Dunedin, this week filed its final report on the receivership, which followed the release earlier in the week of the six-monthly reports on White Island Properties Ltd, White Island Investments Ltd and St Clair Village Hotels Ltd.
Insolvency Management has formally ceased to act as the companies' receivers.
One elderly homeowner who sold a beachfront house to Mr Chittock was initially a secured creditor, but then moved to unsecured status because of leaving a "vendor mortgage" of $400,000 with the house, which subsequently ranked as second mortgagee and there were no surplus funds for a payment on sale of the property.
The balance of almost $120,000 in unsecured debts is spread over several creditors.
Mr Chittock had placed the companies into voluntary administration in mid-August, hoping a $20 million proposal at the time would attract fresh equity partners.
However, days later the receivers acting for failed South Canterbury Finance forced his companies into receivership over a $1.5 million debt.
Mr Chittock had, in the past 14 years, developed various properties within the Esplanade block at St Clair Beach, including serviced apartments, motels, a restaurant-cafe and co-partnered construction of the boutique St Clair Beach Resort hotel.
While buying up properties at sometimes inflated prices as the property boom engulfed the country, and servicing development debt, its was South Canterbury's demise and calling in of loans that tipped the balance last August.
Mr Chittock's properties were put up for sale and had a combined valuation of $4.4 million at the time; but all the property and business sales returned $3.03 million.
The properties covered a total 2739sq m footprint, made up of the seven-unit Esplanade Motels and Apartments complex, Swell restaurant and three private residences.
From the three companies' final reports this week, the combined total property and business sales, including trading income and GST refunds was $3.11 million.
Total payments from the proceeds were $3.11 million, including $1.21 million to South Canterbury and $1.41 million to SBS Bank.
Outstanding debts are $395,000 to South Canterbury, $400,000 to the former beachfront homeowner and $117,000 to unsecured creditors.
However, Iain Nellies of Insolvency Management said a "substantial portion" of the $395,000 owed to South Canterbury was repaid.
SBS Bank had other claims on property and assets of Mr Chittock, outside the receiverships, and when those assets were sold, South Canterbury received surplus funds, with only a small "residual debt" outstanding.
From the early 2000s, companies of Mr Chittock's purchased or held interests in up to nine of 16 properties; five commercial and 11 residential, within the Esplanade block.
In March last year, Mr Chittock parted company with 50:50 joint venture partner Calder Stewart Property, following completion of the multilevel St Clair Beach Resort; estimated to have cost $12 million-$14 million in total.
After redeveloping the 12-apartment Majestic Mansions block in Bedford St, he sold the complex in March 2009.
