Cromwell firm Bamford Contracting Ltd owes more than $3 million to secured creditors, employees, and Inland Revenue.
In August, the company was put into receivership by Christchurch company Gough Finance and Insurance, which is owed $2.7 million as detailed in the receivers' first report.
At the time, Bamford owner Graham Bamford told the Otago Daily Times the receivership came as a surprise.
Mr Bamford started the business in Cromwell 21 years ago, and had employed about 10 people, some on a permanent basis.
All staff, most of whom were from Cromwell, lost their jobs.
Mr Bamford could not be contacted for comment.
In their first report, receivers Malcolm Hollis and John Fisk, of PricewaterhouseCoopers, stated more than $200,000 was owed to GE Capital, and $23,463 to employees as wages and holiday pay.
A further $209,096 was owed to preferential creditor Inland Revenue for tax on goods and services as well as income, and for KiwiSaver, PAYE, and student loan payments.
"The company experienced financial difficulty and was unable to service loan principal and arrears owed to Gough Finance as a secured party.
Consequently, receivers were appointed to secure all assets and crystallise, at the date of receivership, the financial position of the company," the report stated.
Bamford's assets incl- uded general earthmoving and excavating equipment, motor vehicles, tooling and spare parts, and general office equipment.
The report stated a tender process was undertaken for items of plant and machinery, from which some offers had been accepted and were being worked through.
Any amounts available to creditors would go to the preferential and secured creditors listed in the report, which stated it was unlikely there would be funds available for unsecured creditors.
