Companies behind the initial development of Kawarau Falls Station owed the Bank of Scotland International (Australia) Ltd $156.2 million by December last year, up from $154.8 million in July.
In their sixth report, receivers Grant Graham and Brendon Gibson, of KordaMentha, said based on information available, it was unlikely any funds would be available for unsecured creditors from Melview (Kawarau Falls Station) Development Ltd and Melview (Kawarau Falls Station) Investments Ltd, the developers of stage one of the Kawarau Falls Station project.
At the time of receivership, the assets of the companies comprised stage one land and part-finished buildings. The assets had been sold to a related company, Kawarau Village Holdings Ltd.
In December, the total amount owing to BOSI was $156.2 million, including interest accrued since the date of receivership.
Melview (Kawarau Falls Station) Development Ltd owed unsecured creditors $3.5 million.
Between May 26 and November 25 last year, it had received more than $5.65 million. Of this, $3.5 million was in "funding received", more than $2 million in GST refunds and more than $30,000 in interest.
In that period, it paid $9,485,532.15 - almost $6 million in construction costs, $2.17 million in an "intercompany loan", $751,058 in receivers' fees and disbursements, $619,040 in legal fees, $2894 in Queenstown operating costs and the remaining $2451 in a staff preferential claim.
Its net cash flow was $257,102.
Melview (Kawarau Falls Station) Investments Ltd owed unsecured creditors $4.9 million, and it was also unlikely any funds would be available for them.
Between May and November last year, it received $47,491,931 via proceeds of sale. The entire amount was paid to BOSI, leaving it with a nil net cash flow.
Peninsula Road Ltd, the company behind stages two and three of the development, still owes more than $126 million to secured creditors Fortress and Allied Farmers Investments Ltd, while the amount owed to BOSI (Australia) continues to be listed as "unknown" in its fourth receivers' report.
Receivers Timothy Downes and Richard Simpson, of Grant Thornton, said in their latest report, covering March to September last year, that no property had been disposed of and they were continuing to assess options for disposal of the receivership property.
A total of 54 unsecured creditors owed more than $4.2 million were recorded on company records, but 38 claims with total claims amounting to more than $5 million had been received.
It appeared no funds would be available to meet the claims of unsecured creditors, Mr Downes said.
The company was placed in liquidation on March 2 last year.
