The debts outstanding are over properties in the Cardrona Valley and another at Mt Barker near Wanaka, but Dunedin-based liquidator Insolvency Management Ltd has said in its recently released first report none of the three companies had any assets.
"On the information currently available it is highly unlikely that there will be a dividend to the creditors," liquidator Iain Nellies said of each of the companies.
He still wanted all creditors to submit claims.
The report showed Falcon Ridge Ltd owed $299,868, Goldrush Holdings Ltd $206,591 and Jacks Bay Ltd $96,372, but because of complex debt structure and guarantees, the final amount owed could be halved to about $300,000, liquidators said.
Mr Prassinos, an American with New Zealand citizenship who now lives in Canterbury with his wife and co-director Heather Hughes, is a director of all three companies.
Last August, SBS Bank forced the sale of four sections owned by Mr Prassinos at Jacks Bay near Owaka, in the Catlins, and in September held an unsuccessful mortgagee auction of his 40ha rural property in Mt Barker near Wanaka, which had a rateable value of $1.6 million.
The Mt Barker land is understood to have sold below valuation later, although this could not be confirmed.
Mr Nellies expected the liquidation to be completed by the end of the year.
