The owner of Queenstown bars the Boiler Room and Minus Five ice bar owe creditors more than $10 million.
The companies running the bars, Queenstown Hospitality Ltd and Minus Five Queenstown Ltd, owned by Jonathan Botherway, of Christchurch, were placed in receivership in June.
Receiver Pricewater-houseCoopers' first report shows the companies owe creditors including South Canterbury Finance and New Zealand Breweries $10.15 million.
The receiver's Malcolm Hollis said the collapse of Mr Botherway's Auckland Cargo and Four Nations bars was responsible for his other five bars being placed into receivership, including 205 Cocktail Bar and Wine Cellar and The Parklands Tavern in Christchurch and the two Queenstown bars.
The Auckland bar was refurbished late last year, but Mr Botherway was unable to pay contractors because the bar was trading poorly at the time.
New Zealand Breweries appointed receivers to protect their interests, the report says.
The receivers have continued the bars' trading but have worked to sell each business as a going concern.
The Auckland bars have not reached an acceptable sale price.
"We have advertised the two Queenstown trading bars for sale and are currently in the process of providing information to interested parties," Mr Hollis said.
He said all secured creditors were likely to be paid, but funds may not be available for unsecured creditors including landlords and the Inland Revenue Department.
