Western Pacific - which held global insurance polices with a total $10 billion in exposure - collapsed in late April and was placed in liquidation initially owing more than $40 million.
In liquidators Grant Thornton's first six-monthly report, released this week, Simon Thorn estimated there were total unsecured claims of $63.4 million - $61.5 million in insurance claims, $1.1 million owed to trade creditors, $807,000 in unexpired premiums and almost $11,000 in broker commissions.
He estimated about $34 million mighty be recoverable from Western's reinsurance arrangements, covering the Christchurch quakes of September and February, but the High Court is scheduled this week make a decision on whether proceeds would go to all Western's creditors or the policyholders covered by the reinsurance.
"It is not possible at this stage to estimate whether any dividend will be available for creditors," Mr Thorn said in the report.
It was "not likely" that the liquidation could be completed during the next six months, Mr Thorn said.
Western was incorporated in July 2002 and its directors were Queenstown-based Graham Smolenski and his brother-in-law, Jeff McNally, of Victoria, Australia. Western had 15 staff in offices in Auckland and Queenstown, with the latter closed and plant and equipment sold.
After its collapse, Western was thought to owe $6 million to creditors and in unsettled insurance claims, but by June that had grown to $41 million in debts and a shortfall of about $8 million.
Then another receivership update estimated debts had grown to $46 million, with an estimated $14.2 million shortfall.
In mid-June the Insurance Council of New Zealand confirmed Western had been rejected "two or three years ago" for council membership, but declined to say why.
