More than $30 million is owed to creditors by Pounamu Prime Ltd, a company owned by bankrupt developer Dan McEwan, with the prospect of any dividend listed as "unlikely", the first liquidator's report said.
Mr McEwan, who once planned to construct the Hilton Queenstown in Frankton Rd, incorporated the special purposes entity in November 2003 to develop a 34-apartment complex in Frankton Rd.
In February 2009 he was judged bankrupt, with receivers Grant Graham and Brendon Gibson, of KordaMentha, appointed by the Bank of Scotland International (Australia) in April 2009.
The company owed more than $20 million to BOSI (Australia) and more than $7 million to Strategic Finance Ltd. However, BOSI (Australia), the general security agreement (GSA) holder, had since sold the debt to Quilington Pte Ltd.
KordaMentha's final report was issued on September 13, with Quilington Pte Ltd appointing Richard Simpson and Timothy Downes, of Grant Thornton New Zealand Ltd (Auckland) in July to continue the receivership.
Meanwhile, Insolvency and Trustee Service (ITS) was appointed as the company's liquidator, following a petition by Inland Revenue.
ITS' first report said Pounamu Prime Ltd was one of several companies which formed part of the McEwan group of companies, each set up for a specific purpose "such as property development, financing, administration or marketing".
"This company was set up to develop an apartment complex in Queenstown."
At the time of KordaMentha's appointment, the apartment block of 34 units remained together with a parcel of land.
During the course of the receivership 26 apartment sold, with two more under contract.
Since Grant Thornton New Zealand Ltd had taken over as receivers one unit had been sold and settled with a further three "due to settle shortly", leaving two units to be sold.
ITS said an estimated total of $30,261,037.35 had been claimed, with $3,261,037.35 of that from unsecured creditors with POD (Proof of Debt) - the Inland Revenue Department and Koia Architects Queenstown.
Secured creditors Quilington Pte Ltd and Strategic Finance were owed a total of $27,100,000.
